Form 8962 - Premium Tax Credit
8 articles
Articles in Form 8962 - Premium Tax Credit
Form 8962: Why is an Amount Only Printing in Column (f)?
In certain tax returns that include Form 8962, even though Form 1095-A shows information in all three columns for some months or the entire year, the printed copy of Form 8962 shows an amount only in the rightmost column (f), whether on line 11 or on lines 12-23.
Form 1095-B – Insurance Coverage
Form 1095-B relates to employers with fewer than 50 full-time employees and provides details about an employee’s insurance coverage, including who in their family was covered.
Form 1095-A – Health Insurance Marketplace Statement
If any individual on the tax return (taxpayer, spouse or dependent) was covered by a Health Insurance Marketplace plan, they will receive a Form 1095-A, Health Insurance Marketplace Statement .
Premium Tax Credit - Overview
The Premium Tax Credit is a refundable credit that helps eligible individuals and families with low or moderate income afford health insurance purchased through a Health Insurance Marketplace.
Form 8962 - Alternative Calculation for Year of Marriage
Advance Premium Tax Credit (APTC) received in excess of what the taxpayer is allowed generally needs to be repaid.
Form 8962 - Shared Policy Allocation
A taxpayer who has received Form 1095-A , Health Insurance Marketplace Statement must file Form 8962, Net Premium Tax Credit with their tax return, reconciling the amount of premium tax credit they received in advance with the amount they are allowed.
Shared Policy Allocation - Divorced or Legally Separated
Taxpayers who divorce or legally separate during the tax year but obtained minimum essential coverage through the Marketplace or a state health care exchange must complete Form 8962, Part IV, Shared Policy Allocation.
How is the Premium Tax Credit Calculated?
For a taxpayer enrolled in Marketplace insurance, Form 8962 is used to calculate the Premium Tax Credit (PTC) and reconcile it with any advance payments received.