Instructions for IRS Form 8962 Premium Tax Credit (Ptc)

IRS Form 8962 Premium Tax Credit (Ptc)

This document contains official instructions for IRS Form 8962 , Premium Tax Credit (Ptc) - a tax form released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury. An up-to-date fillable IRS Form 8962 is available for download through this link.

FAQ

Q: What is IRS Form 8962?A: IRS Form 8962 is used to claim the Premium Tax Credit (PTC) for those who purchased health insurance through the Health Insurance Marketplace.

Q: Who needs to file Form 8962?A: You need to file Form 8962 if you purchased health insurance through the Health Insurance Marketplace and received advance payments of the Premium Tax Credit (APTC).

Q: What is the Premium Tax Credit?A: The Premium Tax Credit is a tax benefit that helps eligible individuals and families with low to moderate income afford their health insurance premiums.

Q: How do I fill out Form 8962?A: You will need to provide information about your household, income, and the health insurance coverage you had during the year. Follow the instructions on the form carefully.

Q: What information do I need to complete Form 8962?A: You will need information about your household size, income, the Form 1095-A you received from the Marketplace, and any advance payments of the Premium Tax Credit you received.

Q: When is Form 8962 due?A: Form 8962 is due when you file your federal income tax return. For most individuals, this is April 15th of the year following the tax year.

Q: What happens if I don't file Form 8962?A: If you are required to file Form 8962 and you do not do so, you may not be able to claim the Premium Tax Credit for the year.

Q: Can I e-file Form 8962?A: Yes, you can e-file Form 8962 along with your federal income tax return.

Q: What if I made a mistake on Form 8962?A: If you made a mistake on Form 8962, you should correct it as soon as possible by filing an amended return using Form 1040-X.