To complete the filing of Form 8962, an extra Form 1095-A is necessary. The marketplace sends this, and if you haven’t received it by early February, you have to contact them. The PTC estimate provided by the Marketplace is likely to decide your Advance PTC eligibility.
Full Answer
How do I fill out Form 8962 premium tax credit?
0:292:30How to Fill Out an 8962 Tax Form? - YouTubeYouTubeStart of suggested clipEnd of suggested clipParts start by filling out your name and social security number proceed to part one to indicate yourMoreParts start by filling out your name and social security number proceed to part one to indicate your annual and monthly contribution amounts using your family size modified adjusted gross income.
What happens if I don't fill out Form 8962?
In general, it is very important to file your federal tax return with Form 8962 for any year you received an advanced premium tax credit. If you don't file Form 8962, the IRS will call this a failure to reconcile, and you could be prevented from applying for Marketplace premium tax credits in the future.
Why am I being asked to fill out a 8962 form?
Form 8962 is used to estimate the amount of premium tax credit for which you're eligible if you're insured through the Health Insurance Marketplace. You need to complete Form 8962 if you wish to claim a premium tax credit on your tax return, or you received advance payments of premium tax credits during the year.
What will happen if a taxpayer does not report the 1095-A on the originally filed return?
A few things may happen: (1) The IRS can adjust your return based on that missing information, and if they determine taxes should have been due, they will asses penalties and interest on that amount, (2) They can reject your return for incomplete information, or (3) They will hold your refund and request you send in ...
Does everyone need to file form 8962?
Not everyone can file Form 8962 and claim the PTC. Only those who have health insurance through the Affordable Care Act Health Insurance Marketplace (also known as the exchange) are eligible to use Form 8962, and not everyone who has marketplace coverage can qualify.
Can I file without form 8962?
You do not need to file Form 8962.
Why am I not getting a premium tax credit for health insurance?
To be eligible for the premium tax credit, your household income must be at least 100 percent and, for years other than 2021 and 2022, no more than 400 percent of the federal poverty line for your family size, although there are two exceptions for individuals with household income below 100 percent of the applicable ...
Is form 8962 required for 2020 taxes?
The IRS recently announced that, for tax year 2020, taxpayers with excess APTC for 2020 are not required to file Form 8962, Premium Tax Credit, to reconcile their APTC with the amount of PTC they may claim for 2020.
How can I avoid paying back my premium tax credit?
Avoiding Paying Back Your ACA Tax Credits Another way to avoid having to repay all or part of your premium assistance is to elect to have all or part of your premium assistance sent to you as a tax refund when you file your tax return, instead of paid in advance to your health insurer during the year.
Do you get a 1095 form if you are on Medicare?
If you were enrolled in Medicare: For the entire year, your insurance provider will not send a 1095 form. Retirees that are age 65 and older, and who are on Medicare, may receive instructions from Medicare about how to report their health insurance coverage.
What happens if I file my taxes without my 1095a?
If you have not received your 1095-A, the IRS recommends that you wait until you receive the form before preparing and filing your 2021 Tax Return. If you file your return before you receive the form, the IRS might delay your refund.
Why did I get a 1095 B and not a 1095-A?
You need a 1095-A only if you bought health insurance through the Marketplace in 2021. If you did not buy that insurance, then you won't get a 1095-A.
How to get a 1095A?
1. Wait to receive your Form 1095-A in the mail. If you purchased health insurance through the Marketplace and opted for advance payment of your tax credit to lower your premiums, you'll get a Form 1095-A from the Marketplace.
What is the number to call for health insurance?
If you are a small business owner who made health insurance available to your employees using the Marketplace, call 1-800-706-7893 (TTY: 1-888-201-6445). ...
Does the federal government give advance premium tax credit?
The federal government offers an Advance Premium Tax Credit to lower your monthly premiums if you purchase health insurance through the federal Marketplace or through a state health insurance marketplace. If you take the credit, you have to reconcile that credit on your taxes. If you used more credit than you were entitled to, ...
Do I need a 1095-B if I don't have health insurance?
If you didn't buy health insurance through healthcare.gov or a state-based exchange, you won't get a form 1095-A. You may get a 1095-B or 1095-C. These forms aren't required, but might be helpful as you prepare your tax returns.
Do I need to file 8962 with my tax return?
If you're mailing in a paper tax return and you received advance payments of your health insurance premium tax credit, you'll need to file a completed Form 8962 with your regular tax return forms. The form may be available in packages of print forms, or you can access it on the IRS website.
What is 8962 form?
With Form 8962, you are reconciling the tax credit you are entitled to with any advance credit payments (or subsidies) for the tax year. Generally, to be eligible for the PTC, you or a family member must have been enrolled in a health insurance program through the Marketplace for at least one month in the tax year, ...
What is the purpose of Form 8962?
The purpose of Form 8962 is to allow filers to calculate their Premium Tax Credit (PTC) amount and to reconcile that amount with any advance payments of the Premium Tax Credit (APTC) that have been made for the filer throughout the year. Not everyone can file Form 8962 and claim the Premium Tax Credit. Only those who have health insurance ...
What happens if you don't report your income to the government?
On the other hand, if, say, your income rose and you didn’t report it, the government might have been overpaying APTC to your or your insurer. In that case, when you use Form 8962 to reconcile your PTC eligibility with the APTC already paid, you may have to repay the difference.
How to claim premium tax credit?
To claim the Premium Tax Credit (PTC), you must file IRS Form 8962 with your federal income taxreturn. The PTC is meant to help people recoup some of the money they spent on Marketplace health insurance premiums by lowering their tax burden. With Form 8962, you are reconciling the tax credit you are entitled to with any advance credit payments ...
What form do I need to file for premium tax credit?
People who buy health insurance through HealthCare.gov or a State Marketplace must file IRS Form 8962 to claim the Premium Tax Credit. Menu burger.
Can I file Form 8962?
Not everyone can file Form 8962 and 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 eligible to use Form 8962, and not everyone who has Marketplace coverage can qualify. If you used healthcare.gov or your state’s health insurance ...
Do you need to use Part IV?
That’s the amount you owe in repayment for getting more than your fair share in advance payment of the PTC. You might not need to use Part IV at all, depending on your situation. Lines 1 and 9 include notes that help you determine whether Part IV is necessary for you. Part IV is for Shared Policy Allocations.
What is Form 8962?
Form 8962 to reconcile the difference between the amount of advanced premium tax credit you received and the amount of premium tax credit you’re eligible to receive—and determines whether or not you owe money to the IRS. For the tax year 2020, those receiving excess advance premium tax credits do not need to reimburse the IRS ...
What is 8962 tax form?
What Is IRS Form 8962: Premium Tax Credit? Form 8962 is used to calculate the amount of premium tax credit you’re eligible to claim if you paid premiums for health insurance purchased through the Health Insurance Marketplace. Claiming the premium tax credit could reduce your tax liability for the year. Completing Form 8962 can tell you how much ...
What form do I need to file for PTC?
If you are getting health insurance through the Marketplace and qualify for Premium Tax Credits (PTC), you must file Form 8962 with your tax return—whether you receive an Advance PTC or claim a PTC at year-end. You fill it out with the help of a Health Insurance Marketplace Statement (Form 1095-A), which should be sent to you by your local health exchange.
What is the difference between Part III and Part IV?
Part III is used to calculate any excess advanced premium tax credit payments, based on the information you provided in Part II. Part IV allows you to allocate policy amounts, while Part V is used for alternative calculation of your year of marriage.
Do I have to file Form 8962 if I received a 1095-B?
If you received a Form 1095-B from your insurance company or a Form 1095-C from your employer, you don’t file Form 8962. Customarily, you must fill out and file Form 8962 if: You paid your health insurance premiums out of pocket, and now want to claim the premium tax credit, or. Advance premium tax credits were paid for you or a family member ...
Do I need to file Form 8962 for 2020?
However, for the tax year 2020, the IRS has decreed you are not required to file Form 8962 if it turns out you have excess advance premium tax credits. 1. If you enrolled for health insurance through the Marketplace and received a Form 1095-A, you will use it to complete Form 8962. 2 This form, called a Health Insurance Marketplace Statement, ...
How to fill out 8962?
You only need to fill out the form 8962 if both the following are true: 1 You or a dependent had health insurance coverage in a qualified health plan purchased through a Health Insurance Marketplace (also known as an Exchange). This includes a qualified health plan purchased on healthcare.gov or through a state Marketplace. 2 AND, You or a dependent got marketplace tax credits
What is the form 8962?
Find out how to fill out Premium Tax Credit Form 8962, the form for reporting ObamaCare Tax Credits. We’ll review MAGI, FPL, and Adjusting credits. The information on the 8962 Premium Tax Credit form below is updated for 2019 plans and 2020 tax filing.
What to do if you didn't get a 1095A?
If, however, you need to fill out the form on your own, you can use the Second Lowest Cost Silver Plan tax tool from HealthCare.Gov to help.
Do you need to fill out premium tax credit form 8962?
AND, You or a dependent got marketplace tax credits. If you or a dependent didn’t get a Tax Credit, you don’t need to fill out the form. If you got marketplace cost assistance and you plan to file your own taxes, you’ll need to know how to fill out Premium Tax Credit Form 8962.