PDFelement

Tips for Filling the Template

There are 5 parts in the IRS Tax Form 8962.

Part I, where your monthly and annual contribution amounts should be entered. Besides, the number of exemptions and the modified adjusted gross income (MAGI) from your 1040, 1040A or 1040NR should also be entered. Household income as a percentage of the federal poverty line should also be clearly imported.

Part II, Premium Tax Credit Claim and Reconciliation of Advance Payment of Premium Tax Credit, from where you can conclude whether you’re qualified with the PTC and compare it with any APTC that you paid for. Line 11 is used to record your annual totals if you had a year-round Marketplace coverage. If you do not have a record for the entire year, use one or more lines to enter your monthly contributions for 12 months of the year.

Part III, you need to enter information in the third part only if your APTC is larger than your PTC. If line 25 is larger, line 24 is subtracted from line 25 and enter the result on line 27. According to the instructions of the tax form 8962, enter the limitation repayment on line 28, and on line 29 to import your excess advace premium tax credit repayment. Enter the smaller part of the 27th or 28th line on line 29 and also fill it in Form 1040, 1040A or 1040NR. That’s the number you lack in repayment for receiving more than your fair share of Advance Premium Tax Credit.

Part IV, whether you need to use this part or not, it totally depends on the situation of you. You need to determine if part IV is right for you based on the comments contained in lines 1 and line 9. This part is for Shared Policy Allocations. This is related to the sharing of health care policies between the two “tax families”. Therefore, if you and your spouse apply separately but are covered by the same policy, follow the instructions in this section. You can enter up to four information.

Part V, this section only applies to couples who are married in the tax year in which form IRS 8962 is filled. If you do not meet the situation, you can ignore this section. If you happen to be in this situation, check the instructions to see if you need to complete this section.

IRS Form 8962 Format

What Is IRS Form 8962

IRS Form 8962 allows filers to calculate their Premium Tax Credit (PTC) amount and to mediate that amount with any Advance Premium Tax Credit (APTC) payments that have been made by the filer throughout the year, so that to recoup some of the money that had spent on Marketplace health insurance premiums. Not everyone is qualified to file Form 8962 and to claim the Premium Tax Credit. Only those who have health insurance through the Affordable Care Act health insurance Marketplace (also known as the Exchange) are qualified to use Form 8962, however, not everyone who has Marketplace coverage can qualify either. If your state’s health insurance exchange to get coverage or you used healthcare.gov, you may eligible.