P>In this video I want to work through an example of filling out form 8962 for the premium tax credit this is going to be a relatively simple example I'm going to be filling it out for a single person who had uniform coverage throughout the entire course of the tax year so if you have a more complicated scenario or if you're married if you have dependents if you change coverage throughout the year you change jobs all these different variations that you can have that can affect this form I will link some helpful information down in the video description from the IRS that goes through examples of all these different types of scenarios, so again it can be helpful information, and I'll link it down in the video description, but I just want to run through this example here of a single person so starting off here at the top line the name that's shown on your tax return we're going to write John Doe with our social security number and then moving on since this is a single person we don't need to check this box that says you cannot take the premium tax credit if your filing status is married filing separately unless you qualify for an exception so see the instructions for that one now moving down to part one, and before I get into part one the fact that I'm doing an example for a single person not married or some of these other variations uh this example I'm not going to have to fill out part four or part five, but you'll find helpful information on that over in the instructions I'll just quickly pull up the instruction page here that you can also get online, and I'll link uh this instruction...
What you should know about Form 8962 Instructions 2018
- Form 8962 is used to calculate the premium tax credit PTC.
- Allocating policy amounts may be necessary for certain situations.
- The 2018 Form 1040 has been redesigned and is supplemented with new Schedules 1 through 6.
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How to prepare Form 8962 Instructions 2018
About IRS Instructions 8962 2024 Form
IRS Instructions 8962 2024 Form is a set of guidelines provided by the Internal Revenue Service (IRS) to assist taxpayers in completing the Form 8962, which is used to reconcile the advance payments of the premium tax credit (PTC) received during the tax year. The Form 8962 is typically used by individuals and families who purchased health insurance through the Health Insurance Marketplace (also known as the exchange) and received advance premium tax credits to help reduce their monthly insurance premiums. These credits are based on the estimated income and family size provided at the time of enrollment. The purpose of the Form 8962 is to reconcile the amount of premium tax credit received in advance with the actual amount the taxpayer is eligible for based on their final income and family size for the tax year. It helps determine whether the taxpayer is entitled to additional credit or if they have received excess credit, which may result in a repayment obligation. The IRS Instructions 8962 2024 Form provides detailed explanations, step-by-step instructions, and examples to assist taxpayers in correctly completing the Form 8962. It covers various scenarios and situations, such as changes in income, family size, and coverage, as well as how to calculate the premium tax credit for the tax year. Taxpayers who received advance premium tax credits and purchased health insurance through the Health Insurance Marketplace are generally required to submit the Form 8962 along with their federal income tax return. Failing to submit this form or completing it incorrectly may result in delays in processing the tax return or IRS correspondence regarding premium tax credit reconciliations.
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Video instructions and help with filling out and completing Form 8962 Instructions 2024
