What Is IRS Model 8962?
Form 8962 is used to calculate the amount of premium tax credit you’re eligible to claim if you paid premiums for health protection purchased through the Health Insurance Marketplace. Claiming the premium tax credit could reduce your tax liability for the year. Puring Form 8962 can tell you how much credit you’re eligible to receive or if you owe the Internal Revenue Service (IRS) because you received too much in progressed premium tax credit (APTC).
- Form 8962 is used to estimate the amount of premium tax credit for which you’re fit if you’re insured through the Marketplace.
- You only need to complete Form 8962 if you received advance payments of premium tax esteems for health insurance premiums paid.
- Receiving too much in advanced premium tax credits could result in you owing resources to the IRS when you file your tax return.
Who Needs IRS Form 8962?
You would only need to complete IRS Form 8962 if you purchased vigorousness insurance through the Affordable Care Act’s Health Insurance Marketplace. If you’re covered by a health insurance plan at work or you purchased condition insurance directly from an insurance company outside of the exchange, you don’t need this form to complete your tax completing.
You must file Form 8962 if:
- You want to claim the premium tax credit, or
- Advanced premium tax credits were pay off for you or a family member covered by your plan
If you enrolled for health insurance through the Marketplace and received a
If you received a Genre 1095-B from your insurance company or a Form 1095-C from your employer, you don’t file Form 8962.