IRS 8962 2020 free printable template

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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...

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IRS 8962 Form Versions

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How to fill out 8962 form 2020

01

Start by gathering all necessary information and documents. You will need your Form 1095-A, Health Insurance Marketplace Statement, which you should have received from the Marketplace if you or someone in your household had a qualified health plan through the Marketplace. Additionally, gather your tax return information, including your Form 1040.

02

Begin filling out the 8962 form by entering your personal information, including your name, address, and social security number. Make sure to double-check the accuracy of this information.

03

Next, you will fill out Part I of the form, which involves calculating your premium tax credit. Here, you will need to input the annual and monthly figures from your Form 1095-A. Be careful to follow the instructions provided to accurately calculate your premium tax credit.

04

In Part II, you will determine the amount of premium tax credit that was paid directly to your insurance company on your behalf. This information can be found on Form 1095-A as well.

05

Part III of the form is where you reconcile any differences between the premium tax credit you are eligible for and the amount that was paid on your behalf. Follow the instructions carefully to calculate and enter the correct figures.

06

Finally, complete any other sections of the form that apply to your specific situation, such as Alternative Calculation for Year of Marriage or provisions for the Shared Policy Allocation.

Who needs 8962 form?

01

Individuals who obtained health insurance through the Marketplace and received premium tax credits.

02

Taxpayers who need to reconcile their premium tax credits and determine if they need to repay any excess credit or are eligible for additional credit.

03

Those who are required to file Form 1095-A along with their tax return.

Remember, it is always advisable to consult with a tax professional or refer to the IRS guidelines for any specific questions or concerns regarding the completion of Form 8962.

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?

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 8962 form

Instructions and Help about 8962 tax form

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.

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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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What is 8962 form?

The 8962 form is a tax form used by individuals who received health insurance through the Marketplace to reconcile their premium tax credits. This form is typically used to calculate any excess advance payments of the premium tax credit that must be repaid, or any additional premium tax credit that may be due.

Who is required to file 8962 form?

The 8962 form is the Premium Tax Credit (PTC) form. It is required to be filed by individuals who purchased health insurance through the Health Insurance Marketplace and want to claim the Premium Tax Credit.

How to fill out 8962 form?

1. Start by entering your name, address, and Social Security number. 2. Enter the tax year for which you are filing the 8962 form. 3. Indicate whether you had minimum essential coverage for the entire year or if there were any gaps in coverage. 4. Enter the name of your insurance provider and the type of coverage you received. 5. Enter the amount of the premiums you paid for the coverage. 6. Enter any advance payments of the Premium Tax Credit you received. 7. Enter any changes to the amount of the Premium Tax Credit you received due to changes in your income or family size. 8. Enter the final amount of the Premium Tax Credit you received for the year. 9. Sign and date the form. 10. Submit the form along with your tax return.

What is the purpose of 8962 form?

Form 8962 is used to claim the Premium Tax Credit, which helps individuals and families with low to moderate incomes and limited resources afford health insurance purchased through the Health Insurance Marketplace.

What information must be reported on 8962 form?

The information reported on Form 8962 includes your household income, the amount of the premium tax credit that was paid on your behalf, any advance payments of the premium tax credit that you received during the year, and the amount of any reconciled difference between the advance payment and the actual premium tax credit. Additionally, you must report information about any changes in your household size or income during the year, and any other factors that could affect the amount of the premium tax credit.

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

The penalty for late filing of Form 8962, which is the Premium Tax Credit (PTC) form, depends on whether you owe taxes or are owed a refund. If you owe taxes and file Form 8962 late, you may be subject to penalties and interest on the unpaid taxes. The penalty for late payment of taxes is usually 0.5% of the amount owed per month, up to a maximum of 25% of the unpaid amount. If you are owed a refund and file Form 8962 late, there is generally no penalty. However, it is still important to file the form as soon as possible to ensure you receive your refund in a timely manner. It's worth noting that penalties and interest rates can vary, so it is best to consult the official IRS guidelines or seek professional advice for accurate and up-to-date information.

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