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, or if you change coverage throughout the year, you change jobs, etc., you can have that 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. I will also link the instruction page from the IRS that goes through examples of all these different types of scenarios. But I just want to run through this example here of a single person. Starting off here at the top line, the name that's shown on your tax return is going to be John Doe with our social security number. Then, moving on, since this is a single person, we don't need to check the 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. Moving down to part one, the fact that I'm doing an example for a single person not married or some of these other variations is going to have no impact on part four or part five. But you will 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 it down in the video description. But it's pretty lengthy,...
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How to prepare IRS 8962 2024 Form
About IRS 8962 2024 Form
IRS Form 8962 is a tax form used by individuals who have received premium tax credits (PTC) under the Affordable Care Act (ACA). The form is specifically for reconciling the amount of premium tax credits received with the taxpayer's actual income for the tax year. The purpose of Form 8962 is to determine if the taxpayer received the correct amount of premium tax credits based on their income. If there is a discrepancy between the amount received and the actual income, the taxpayer may owe additional money or be eligible for a refund. Form 8962 is primarily needed by individuals who have purchased health insurance through either the Health Insurance Marketplace or an insurance provider participating in the ACA. It is required to be filed by taxpayers who have received advance premium tax credits to help reduce the cost of their health insurance premiums. The form requires information such as the taxpayer's annual income, the number of individuals covered by the insurance plan, and the amounts of premium tax credits received throughout the tax year. This information is then used to calculate the appropriate premium tax credit based on the taxpayer's income. To summarize, individuals who have received premium tax credits under the ACA and have purchased health insurance through either the Health Insurance Marketplace or a participating insurance provider need to file IRS Form 8962 to reconcile their premium tax credits with their actual income for the tax year.
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Video instructions and help with filling out and completing IRS 8962 2024 Form
