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2023Instructions for Form 8962Department of the Treasury Internal Revenue ServicePremium Tax Credit (PTC) Section references are to the Internal Revenue Code unless otherwise noted.Future Developments For.
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Irs tax form 8962 printable FAQ
Calculate the allocation amounts by multiplying the amounts on Part III, Columns A, B, and C of Form 1095-A by the percentages entered in the allocation menu. If there are multiple Shared Policies, the applicable amounts for each policy will be added together and entered on the appropriate month.
0:32 2:29 How to Fill Out an 8962 Tax Form? - YouTube YouTube Start of suggested clip End of suggested clip Select the appropriate option in lines 9. And 10. In line 11 fill the annual totals in the table.MoreSelect the appropriate option in lines 9. And 10. In line 11 fill the annual totals in the table.
For example, if the sharing percentage entered on the 1095-A screen as belonging to the other person is 40%, the amount that will appear on the Form 8962 PG 2 in view for Allocation percentage applied to monthly amounts will be 60% (total of shared percentages must sum to 100%).
1 If you're covered by a health insurance plan at work or you purchased health insurance directly from an insurance company outside of the exchange, you don't need this form to complete your tax filing.
For tax years other than 2020, if you have APTC in any amount, you must file a Form 8962, and attach it to your federal income tax return for that year. You will use Form 8962 to reconcile the difference between the APTC made on your behalf and the actual amount of the credit that you may claim on your return.
If you both agree, the allocation can be anywhere from 0% to 100%. If you can not agree and Advance credit was received (column C on the 1095-A), then it is divided by the number of people on the insurance policy. For example, if the insurance policy covers 4 people, each person is allocated 25%.
Form 8962 is divided into five parts. Before you dive into Part I, write your name and Social Security number at the top of the form. Part I is where you enter your annual and monthly contribution amounts. You'll enter the number of exemptions and the modified adjusted gross income (MAGI) from your 1040 or 1040NR.
Use Form 8962 to figure the amount of your premium tax credit (PTC) and reconcile it with advance payment of the premium tax credit (APTC).
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2023 Instructions for Form 8962
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