IRS 8962 2018 free printable template

Cat. No. 37784Z Form 8962 2018 Page Allocation of Policy Amounts Complete the following information for up to four policy amount allocations. Form OMB No. 1545-0074 Premium Tax Credit PTC Department of the Treasury Internal Revenue Service Name shown on your return Attach to Form 1040 or Form 1040NR. Go to www.irs.gov/Form8962 for instructions and the latest information. Attachment Sequence No. 73 Your social security number You cannot take the PTC if your filing status is married filing...

How to fill out IRS 8962

How to fill out IRS 8962

1. Obtain IRS Form 8962 from the IRS website or your tax software.
2. Enter your personal information at the top of the form, including your name and Social Security number.
3. Complete Part I by entering the necessary information from your Form 1095-A, Health Insurance Marketplace Statement.
4. In Part II, check the box that corresponds to your situation regarding your health coverage and annual income.
5. Calculate your premium tax credit by following the instructions in Part III.
6. Transfer the calculated amounts to your Form 1040 or 1040-SR.
7. Review your form for accuracy and ensure all calculations are correct before submitting.

Who needs IRS 8962?

1. Individuals who received premium tax credits through the Health Insurance Marketplace.
2. Anyone who wants to reconcile their premium assistance with their actual income for the tax year.
3. Taxpayers who had a change in their health coverage status that needs to be reported.

• Who needs an IRS form 8962?
• What is the purpose of the IRS form 8962?
• What documents must accompany the IRS 8962 form?
• When is the IRS 8962 form due?
• • What information should be provided in the IRS 8962 form?
  • What should I do with the form after its completion?

Who needs an IRS form 8962?

The Premium Tax Credit form is used by the taxpayers to figure out the amount of their premium tax credit (PTC). This refundable credit helps eligible individuals and families with low or moderate income afford health insurance purchased through a Health Insurance Marketplace. The eligible individuals for a credit are listed in instructions to the IRS form 8962.

What is the purpose of the IRS form 8962?

The main purpose of the form is to calculate the amount of premium tax credit and include it to the tax return. That is why the form must be attached to the individual tax return form.

What documents must accompany the IRS 8962 form?

This form must be attached to forms 1040, 1040A or 1040NR. While completing the form, the taxpayer will need the 1095-A form, Health Insurance Marketplace Statement.

When is the IRS 8962 form due?

The Premium Tax Credit must be filed with the IRS together with the individual tax return forms. The estimated time for completing the form is sixty minutes.

What information should be provided in the IRS 8962 form?

The taxpayer has to indicate the following information:

• Name of the taxpayer

• Social Security Number

• Annual and monthly contribution amount

• Premium tax credit claim and reconciliation of advance payment of premium tax credit

• Repayment of excess advance payment of the premium tax credit

• Allocation of policy amounts

• Alternative calculation for year of marriage

What should I do with the form after its completion?

The completed form together with individual tax returns is forwarded to the local IRS office or filed electronically.

Instructions and Help about IRS 8962

Form 8962 or the premium tax credit is used to calculate the amount of premium tax credit you're eligible to claim if you paid premiums for health insurance purchased through the health insurance marketplace claiming the premium tax credit may reduce your tax liability for the calendar year make sure to only use secure channels to fill out and submit your form you can either download your copy from the IRS website or get the current revision of form 8962 that you can edit sign and submit electronically at pdffiller.com form 8962 is a two-page form split into five parts start by filling out your name and social security number proceed to part one to indicate your annual and monthly contribution amounts using your family size modified adjusted gross income and household income in line one enter the number of exemptions indicated in form 1040 or form 1040a use lines 2a and 2b to provide your modified AGI enter your household income in line 3 by adding the amounts stated in lines 2a and 2b select the appropriate choice and enter the value in line 4. To make the calculations needed to complete lines 5 through 8 see the IRS instructions for form 8962 in part 2 you will need to reconcile your advanced premium tax credit received with monthly premium amounts select the appropriate option in lines 9 and 10. In line 11 fill the annual totals in the table in lines 12 through 23 fill out the monthly amounts under each column indicate the total tax premium credit on line 24 and the advanced payment of PTC on line 25. Follow the instructions to calculate the net premium tax credit and indicated in line 26. In part 3 you will need to calculate any excess advanced payment of PTC based on the information you provided in part two in line 27 enter the excess advanced payment of pt center the repayment limitation in line 28 use line 29 to provide the excess advance premium tax credit repayment in part four you will need to allocate policy amounts part five is used for alternative calculations for years married use IRS form 1095-a to complete each section of the form as well as your form 1040 which shows your modified adjusted gross income once all the fields are completed and checked off you can save the resulting document to your device print it out or email it to your recipient in one click good luck and don't forget to submit your form 8962 before the due date established by the IRS.

What is form 8962?

Form 8962 is used to estimate the amount of premium tax credit for which you're eligible if you're insured through the Marketplace. You only need to complete Form 8962 if you received advance payments of premium tax credits for health insurance premiums paid.

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How to fill out a 8962 form for dummies?

0:29 2:29 How to Fill Out an 8962 Tax Form? - YouTube YouTube Start of suggested clip End of suggested clip And 10. In line 11 fill the annual totals in the table. In lines 12 through 23 fill out the monthlyMoreAnd 10. In line 11 fill the annual totals in the table. In lines 12 through 23 fill out the monthly amounts under each column indicate the total tax premium credit on line 24.

What is form 8962 for ACA?

Form 8962 for tax credits If you bought your health insurance from the Marketplace, you will file Form 8962 with your tax return. The ACA law includes a special Premium Tax Credit to help certain people pay the costs of health insurance, and Form 8962 relates to that credit.

What is ACA explanation on form 8962?

Form 8962 for tax credits If you bought your health insurance from the Marketplace, you will file Form 8962 with your tax return. The ACA law includes a special Premium Tax Credit to help certain people pay the costs of health insurance, and Form 8962 relates to that credit.

Why is the IRS asking me for form 8962?

When the Health Insurance Marketplace pays advance payments of the premium tax credit on your behalf, you must file Form 8962 to reconcile the advance payments to the actual amount of the Premium Tax Credit that you are eligible for based on your actual household income and family size.

Where do I get my form 8962?

Where Do I Get Form 8962? Form 8962 is available on the IRS website and is free to download. 5 If you're filing taxes using electronic tax filing software, this form should be generated for you as you navigate through the program's questionnaire format.

Why am I being asked to fill out a 8962 form?

You must file Form 8962 to compute and take the PTC on your tax return. Advance payment of the premium tax credit (APTC). APTC is a payment during the year to your insurance provider that pays for part or all of the premiums for a qualified health plan covering you or an individual in your tax family.

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What is IRS 8962?

IRS Form 8962 is used to calculate and reconcile the premium tax credit (PTC) that eligible individuals and families can claim for health insurance purchased through the Health Insurance Marketplace.

Who is required to file IRS 8962?

Taxpayers who enrolled in a qualified health plan through the Health Insurance Marketplace, and who received premium tax credits to help pay their health insurance premiums, are required to file IRS Form 8962.

How to fill out IRS 8962?

To fill out IRS Form 8962, you must gather information about your household income, the number of individuals in your household, the premium tax credits you received, and fill out the form according to the instructions provided by the IRS, including calculating your premium tax credit and reconciling it with any advance payments received.

What is the purpose of IRS 8962?

The purpose of IRS Form 8962 is to determine the correct amount of premium tax credit eligible taxpayers can claim based on their household income and family size, and to reconcile that amount with any advance premium tax credits that were received during the year.

What information must be reported on IRS 8962?

Information that must be reported on IRS Form 8962 includes your household size, modified adjusted gross income (MAGI), the premiums for the health insurance plans, the amount of premium tax credits received, and any other relevant data for calculating the PTC and reconciling it with advance payments.