Cat. No. 37784Z Form 8962 2024 Page 2 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 1040-SR or 1040-NR* Go to www*irs*gov/Form8962 for instructions and the latest information* Attachment Sequence No* 73 Your social security number A. You cannot take the PTC if your filing status is married...filing separately unless you qualify for an exception* See instructions. If you qualify check the box Part I Annual and Monthly Contribution Amount 2a b Tax family size. Enter your tax family size. See instructions. Modified AGI. Enter your modified AGI. See instructions. Enter the total of your dependents modified AGI. See instructions. 2b Household income. Add the amounts on lines 2a and 2b. See instructions Federal poverty line. Enter the federal poverty line amount from Table 1-1 1-2 or 1-3....See instructions. Check the Alaska Hawaii c Other 48 states and DC appropriate box for the federal poverty table used* a Reserved for future use. Applicable figure. Using your line 5 percentage locate your applicable figure on the table in the instructions 8a Annual contribution amount. Multiply line 3 by line 7. Round to nearest whole dollar amount 8a 8b Monthly contribution amount. Divide line 8a by 12. Round to nearest whole dollar amount 8b Are you allocating policy amounts with another...taxpayer or do you want to use the alternative calculation for year of marriage See instructions. Yes. Skip to Part IV Allocation of Policy Amounts or Part V Alternative Calculation for Year of Marriage. No* Continue to line 10. See the instructions to determine if you can use line 11 or must complete lines 12 through 23. Yes. Continue to line 11. Compute your annual PTC. Then skip lines 12 23 and continue to line 24. your monthly PTC and continue to line 24. Annual Calculation a Annual...enrollment premiums Form s 1095-A line 33A b Annual applicable SLCSP premium Form s 1095-A line 33B contribution amount line 8a d Annual maximum premium assistance subtract c from b if zero or less enter -0- f Annual advance e Annual PTC allowed payment of PTC Form s smaller of a or d Annual Totals Monthly a Monthly enrollment b Monthly applicable 1095-A lines 21 32 Form s 1095-A lines column A 21 32 column B amount from line 8b or alternative marriage monthly calculation d Monthly maximum f...Monthly advance e Monthly PTC allowed payment of PTC Form s January February March April May June July August September October November December Total PTC. Enter the amount from line 11 e or add lines 12 e through 23 e and enter the total here. Advance payment of PTC. Enter the amount from line 11 f or add lines 12 f through 23 f and enter the total here Net PTC. If line 24 is greater than line 25 subtract line 25 from line 24. Enter the difference here and on Schedule 3 Form 1040 line 9. If...line 24 equals line 25 enter -0-. Stop here.
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Instructions and Help about IRS 8962
How to edit IRS 8962
How to fill out IRS 8962
Instructions and Help about IRS 8962
How to edit IRS 8962
To edit IRS 8962, gather your relevant tax information before using a digital tool, like pdfFiller, that allows for easy edits. Ensure your details reflect any changes in income, family size, or health coverage status. Review your edits for accuracy to avoid any discrepancies during filing.
How to fill out IRS 8962
To fill out IRS 8962 accurately, follow these steps:
01
Download the form from the IRS website or access it through a trusted platform.
02
Begin by entering your personal details, including your name, address, and Social Security number.
03
Input your household information, detailing the members who were covered by health insurance.
04
Complete the sections on premium tax credit provided, income, and select health coverage months.
Ensure you cross-reference your entries with the Form 1095-A provided by your health marketplace to verify coverage is reported correctly.
Latest updates to IRS 8962
Latest updates to IRS 8962
Current updates to IRS 8962 may involve changes in eligibility criteria, credit amounts, or attachment requirements for the tax year. Always consult the IRS website for the most recent updates to ensure compliance.
All You Need to Know About IRS 8962
What is IRS 8962?
What is the purpose of this form?
Who needs the form?
When am I exempt from filling out this form?
Components of the form
What are the penalties for not issuing the form?
What information do you need when you file the form?
Is the form accompanied by other forms?
Where do I send the form?
All You Need to Know About IRS 8962
What is IRS 8962?
IRS 8962 is the Premium Tax Credit form used to reconcile the premium tax credit assistance received under the Affordable Care Act. It determines your eligibility for this credit and whether you need to repay any amounts based on your actual income.
What is the purpose of this form?
The purpose of IRS 8962 is to help taxpayers assess whether they received the correct amount of health care premium tax credits based on their annual income and household size. It is essential for those who obtained health insurance through the Health Insurance Marketplace and received advance payments.
Who needs the form?
Individuals who enrolled in a health plan through the Health Insurance Marketplace and received advance premium tax credits must file IRS 8962. This requirement applies to both individuals and families who may have changed their income or household circumstances during the year.
When am I exempt from filling out this form?
You are exempt from filling out IRS 8962 if you did not claim or receive advance premium tax credits during the year. Additionally, if your income is below the federal tax filing threshold, you might be exempt from submitting this form.
Components of the form
IRS 8962 includes several components, such as information on taxpayers and dependents, required income data, and the amounts of premiums paid. It requires the inclusion of information from Form 1095-A, which details health coverage received and subsidies granted.
What are the penalties for not issuing the form?
Failing to file IRS 8962 when required can lead to penalties, including repayment of advance credit amounts and the potential loss of future premium tax credits. Additionally, the IRS may adjust your tax return, which can result in unexpected tax liabilities.
What information do you need when you file the form?
When filing IRS 8962, you need your Form 1095-A, personal income details, household size, and any changes in your health coverage. Having this information readily available can streamline the filing process and ensure accuracy.
Is the form accompanied by other forms?
IRS 8962 is typically filed alongside Form 1040 and may also require additional forms if you are claiming other tax credits. For instance, if you received other health-related credits, documentation regarding those claims may be necessary.
Where do I send the form?
The completed IRS 8962 should be submitted with your annual federal tax return, Form 1040. Depending on your state and specific circumstances, the mailing address for submitting your tax return may vary, so it's crucial to check the IRS website for specific instructions.
FAQ about IRS 8962
What should I do if I realize I've made a mistake after submitting my IRS 8962?
If you discover an error after filing your IRS 8962, you must submit a corrected form. This process typically involves filing Form 1040-X, Amended U.S. Individual Income Tax Return, along with a revised IRS 8962. Ensure that any adjustments are clearly documented to prevent confusion during processing.
How can I verify that the IRS received my IRS 8962 submission?
To confirm receipt of your submitted IRS 8962, you can use the IRS 'Where's My Refund?' tool or the IRS2Go mobile app. These platforms provide updates regarding the status of your return and any associated forms, allowing you to track processing without unnecessary delays.
What should I do if my IRS 8962 submission gets rejected?
If your IRS 8962 is rejected, carefully review the rejection notice for error codes related to your submission. You will need to correct the identified issues and resubmit your form electronically or via mail. It's important to address rejection reasons promptly to avoid delays in processing your tax return.
Are there legal considerations for submitting IRS 8962 for nonresident aliens?
Nonresident aliens must consider their eligibility for Premium Tax Credits before filing IRS 8962. Certain residency and income requirements must be met. It's advisable to consult a tax professional familiar with IRS regulations for nonresidents to ensure compliance with tax obligations.
What common errors should I be aware of when filing the IRS 8962?
Common errors when filing the IRS 8962 include inaccuracies in reporting annual income, failing to reconcile advance payments accurately, and miscalculating the Premium Tax Credit. Double-checking your figures and adhering to guidelines can help mitigate these issues and ensure a smoother filing process.
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