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IRS Form 8962: Understanding Your Form 8962

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).

Key Takeaways

  • 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.

What Is Invent 8962 Used For?

Advanced premium credits are paid to your health insurance plan and help to reduce your monthly dear payments. Form 8962 is used along with Form 1095-A to reconcile the difference between the amount of improved premium tax credit you received and the amount of premium tax credit you’re eligible to receive, which is based on your income for the year.

This amount matters because it determines whether or not you owe money to the IRS. If the amount of advanced premium tax credit received is less than the amount of the dividend tax credit you’re eligible to receive, then you’re owed the difference. On the other hand, if the amount of advanced premium tax credit inherited exceeds the amount of the premium tax credit you’re eligible to claim, you owe money back to the IRS. The sum you owe could either reduce the size of your entire tax refund or mean that you have to pay money to the IRS.

How to Fill Out and Read Form 8962

Form 8962 is a two-page form dejected into five parts. Part I is where you record annual and monthly contribution amounts using your family tree size,

If the information on your Form 1095-A is wrong, you need to have it corrected before completing Form 8962. You can apply for an updated form by contacting the Health Insurance Marketplace.

Where to Get Form 8962

Form 8962 can be found on the IRS website and is untie to download. If you’re filing taxes using an electronic tax filing software, this form should be generated for you as you navigate toe the program’s questionnaire format.

Can Form 8962 Be E-Filed?

E-filing can be convenient and take less time than completing foolscap tax forms. If you’re e-filing your taxes, you should be able to complete Form 8962 through the tax filing software program you’re purposing.

Where to Mail Form 8962

If you’re filling out a paper tax return and mailing your forms to the IRS, you include Form 8962 with your Colour 1040. You then mail your forms to the IRS regional office that covers your state of residence. The IRS put up for sales a helpful table that breaks down where to send your Form 1040 and any accompanying forms, such as Course 8962, on its website.

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