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 form 8962

1. To fill out IRS ACA form 8962, start by gathering all the required information. This includes your Form 1095-A, Health Insurance Marketplace Statement, which you should have received from the Marketplace if you or anyone in your household purchased health insurance through it.
2. Next, you need to calculate your allocated and excess premium tax credit amounts. The form provides instructions on how to do this, but it involves comparing the amount of the premium tax credit you received in advance with the amount you are actually eligible for based on your income.
3. Once you have calculated the premium tax credit amounts, fill out Part I of the Form 8962. This section requires you to provide information about your household size and income, as well as any allocated and excess premium tax credits.
4. In Part II, you will determine your final premium tax credit using the information from Part I. This section also requires you to reconcile any advance premium tax credit payments you received with the final credit amount.
5. Part III of the form is optional and should only be filled out if you need to allocate premium amounts among multiple taxpayers or claim exemptions from the shared responsibility payment.
6. After completing all the sections of the form, review your entries to ensure accuracy. Double-check all calculations and verify that you have included all the necessary information.
7. Finally, sign and date the form, and attach it to your tax return. Keep a copy for your records.

Who needs IRS ACA form 8962? Individuals who received advance premium tax credit payments to help pay for health insurance coverage purchased through the Health Insurance Marketplace need to fill out Form 8962 when filing their taxes. Additionally, anyone who received a Form 1095-A from the Marketplace should also complete this form to reconcile their premium tax credits accurately.

• 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.

Video instructions and help with filling out and completing irs aca form 8962

Instructions and Help about form 8962 2018

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.

For pdfFiller’s FAQs

Who is required to file irs aca form 8962?

Form 8962 is required to be filed by any taxpayer who is claiming a premium tax credit (PTC) for health insurance purchased through the Health Insurance Marketplace.

What is the penalty for the late filing of irs aca form 8962?

The penalty for late filing of IRS ACA Form 8962 is a penalty of $50 per month (or part thereof) up to a maximum of $200.

What is irs aca form 8962?

IRS Form 8962, also known as the Premium Tax Credit (PTC) form, is a form used by taxpayers who have received advance payments of the premium tax credit or want to claim the premium tax credit on their federal tax return. The form is associated with the Affordable Care Act (ACA) and is used to reconcile the amount of premium tax credit received in advance with the actual premium tax credit the taxpayer is eligible for based on their income and household size. Form 8962 helps determine if the taxpayer owes any additional tax or is entitled to a refund.

How to fill out irs aca form 8962?

Filling out IRS Form 8962, also known as the Premium Tax Credit (PTC) form, is important if you or your family members were enrolled in a health insurance plan through the Health Insurance Marketplace and received advance premium tax credits (APTC) to help reduce your monthly insurance premiums. Here is a step-by-step guide on how to fill out Form 8962: 1. Gather the necessary documents: You will need Form 1095-A, Form 1095-B, or Form 1095-C provided by the health insurance marketplace, insurer, or employer, respectively. These forms will help you determine your eligibility for the Premium Tax Credit. 2. Fill out Part I: In Part I, you provide your general information, including your name, Social Security Number, and address. 3. Skip Part II: If you and your spouse (if applicable) were not enrolled in the same health plan for the entire year, you can skip this part. 4. Fill out Part III: Here, you need to enter the monthly information regarding your premium, your second lowest-cost silver plan (SLCSP) premium, and the annual federal poverty line (FPL) amount for your family size. 5. Complete Part IV: In this section, you reconcile any advance premium tax credits you received with the amount you were eligible for based on your income and family size. Use the information from Form 1095-A (if applicable) to calculate the correct amounts. 6. Fill out Part V: In Part V, you will calculate the premium tax credit you are eligible for based on the information provided in previous sections. This credit represents the difference between the amount of advance premium tax credits you received throughout the year and the amount you are eligible for based on your final income and household size. 7. Complete the remainder of the form: Review your entries and make sure all calculations are correct. Sign and date the form. 8. Attach Form 1095-A: If you received premium tax credits based on a 1095-A, make sure to attach a copy of the form to Form 8962 before sending it to the IRS. 9. Submit the form: Mail the completed Form 8962 to the IRS address provided in the instruction booklet or file it electronically if you are e-filing your tax return. It is always advisable to consult a tax professional or use a reliable tax software to ensure accuracy when filling out any tax forms, including Form 8962.

What is the purpose of irs aca form 8962?

The purpose of IRS Form 8962, also known as the Premium Tax Credit (PTC) form, is to reconcile and calculate any premium tax credits claimed under the Affordable Care Act (ACA). This form is primarily used by individuals who obtained health insurance coverage through the Health Insurance Marketplace and received advance payments of the premium tax credit. Form 8962 is used to report the actual premium tax credit amount that the individual is eligible for based on their income for the tax year. It helps determine whether the individual received too much or too little advance premium tax credit, and whether any excess needs to be repaid or if any additional credit is due.

What information must be reported on irs aca form 8962?

Form 8962, Premium Tax Credit (PTC), is used by individuals who are claiming the premium tax credit or who received advance payments of the premium tax credit in order to reconcile their estimated income and actual income for the year. The following information must be reported on Form 8962: 1. Household information: The form asks for the names, SSN, and relationship of everyone covered by the policy for which the premium tax credit was claimed, including the taxpayer, spouse, and dependents. 2. Allocation of policy amounts: If multiple individuals are covered by the same policy, the form requires allocation of the policy amounts to determine the applicable percentages for each individual. 3. Modified Adjusted Gross Income (MAGI): The taxpayer must enter their total MAGI for the tax year, which includes income from various sources such as wages, self-employment income, and rental income. 4. Reconciliation of advance payments: If the taxpayer received advance payments of the premium tax credit, they must reconcile the actual credit amount with the advance payments received. This involves completing Form 1095-A, Health Insurance Marketplace Statement, and entering relevant information from that form, such as the enrollment premium, the second lowest-cost silver plan premium, and the applicable SLCSP percentage. 5. Calculation of the premium tax credit: Based on the MAGI and other relevant information, the form calculates the premium tax credit to which the taxpayer may be entitled. 6. Repayment limitation: If the taxpayer received excess advance payments of the premium tax credit, they may need to repay a portion of the credit depending on their income and other factors. The form includes a calculation to determine the repayment limitation. It is important to note that additional instructions may apply, and individuals should consult the IRS instructions for Form 8962 or seek professional tax advice for specific circumstances.

When is the deadline to file irs aca form 8962 in 2023?

The deadline to file IRS Form 8962 for the 2023 tax year would typically be April 15, 2024. However, it's important to note that tax deadlines can occasionally be adjusted or extended, so it is always advisable to double-check with the IRS or a tax professional for the most accurate and up-to-date information.

How can I send irs aca form 8962 for eSignature?

To distribute your 2017 8962 form, simply send it to others and receive the eSigned document back instantly. Post or email a PDF that you've notarized online. Doing so requires never leaving your account.

How do I execute 8962 form 2017 printable online?

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How do I edit form 8962 online?

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