What is Form 8962 2023?
Tax Form 8962 (also known as Premium Tax Credit Form) serves to claim the premium tax credit (PTC). PTC is a refundable credit that helps eligible individuals and families with low or moderate income afford health insurance purchased through a Health Insurance Marketplace. The purpose of Form 8962 is for the taxpayer to figure out the amount of (Premium Tax Credit) and reconcile it with advance payment of the premium tax credit (APTC).
Who should file the IRS Form 8962 2023?
Individuals must fill out an 8962 Form if they filed the Form 1040, Form 1040A, or Form 1040-NR, and if either of the following conditions applies:
- The individual is taking the PTC.
- APTC (Advanced Premium Tax Credit) was paid for the taxpayer or another individual in the taxpayer’s tax family.
- APTC was paid for an individual, including the taxpayer for whom the taxpayer told the Marketplace that he or she would claim a personal exemption, and neither the taxpayer nor anyone else claims a personal exemption for that individual.
For more information on who can qualify for PTC, check out IRS Form 8962 instructions.
What information do you need when you file IRS Tax Form 8962?
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
- The alternative calculation for the year of marriage.
When completing Tax Form 8962, you’ll need to refer to other forms as well. For instance, you’ll need to use your 1095-A form to complete Part II.
How do I fill out the Tax Form 8962 in 2024?
You can get the form along with the form 8962 instructions at the IRS official website or use a reliable platform, like pdfFiller, where you can fill out, eSign, send or download it.
Follow these steps to fill out the form with pdfFiller:
- Click Get Form to open it in the editor.
- Once opened, follow the green tag pointing at the required fields and start completing each of them step by step.
- Go through the document and check it for errors or discrepancies.
- Click Done to finish the process.
- Select the option to send the completed Form 8962 USPS or download it to your laptop.
Is Form 8962 accompanied by other forms?
IRS form 8962 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.
Where do I send Tax form 8962?
The completed form together with individual tax returns is forwarded to the local IRS office or filed electronically.
When is Form 8962 due?
The Premium Tax Credit Form 8962 must be filed with the IRS together with the individual tax return forms. The general filing date for an individual tax return is April 15th.
