Health Insurance Tax Form 8962

Use form 8962 to.

Health insurance tax form 8962. If you want to see if you qualify for a premium tax credit based on your final income you can complete form 8962 to find out. Learn more about your taxes if you paid full price for a marketplace plan. Form 1095 c employer provided health insurance offer and coverage. You ll use this form to reconcile to find out if you used more or less premium tax credit than you qualify for.

Net premium tax credit. The premium tax credit also known as ptc is a refundable credit that helps eligible individuals and families cover the premiums for their health insurance purchased through the health insurance marketplace. Form 8962 is used to estimate the amount of premium tax credit for which you re eligible if you re insured through the marketplace. If line 24 equals line 25 enter 0.

If line 25 is greater than line 24 leave this line blank and continue to line 27. You use the information on the 1095 a form to fill out part ii of the 8962 form which is how you find out if there s any difference between the advanced payments of premium tax credit aptc you used and the amount of premium tax credit you qualify for this process is called reconciling. If line 24 is greater than line 25 subtract line 25 from line 24. To get this credit you must meet certain requirements and file a tax return with form 8962 premium tax credit.

If you don t qualify for a premium tax credit you don t have to include form 8962 when you file your income taxes. Enter the difference here and on schedule 3 form 1040 or 1040 sr line 9 or form 1040 nr line 65. You may take ptc and aptc may be paid only for health insurance coverage in a qualified health plan defined later purchased through a health insurance marketplace marketplace also known as an exchange. You do not qualify for coverage through an employer or government plan you buy health insurance through the marketplace.

Figure the amount of your premium tax credit ptc. Must file a tax return and irs form 8962 premium tax credit ptc and claim the credit on the line labelled net premium tax credit. Did not receive an expected form 1095 a 1095 b or 1095 c regarding your health coverage. Use form 8962 to figure the amount of your premium tax credit ptc and reconcile it with advance payment of the premium tax credit aptc.

You can qualify for the credit if you meet all of the following requirements. Form 8962 is the premium tax credit form. Form 8962 premium tax credit this page premium tax credit qualifications. Form 1095 a health insurance marketplace statement.

Form 8962 is used either 1 to reconcile a premium tax credit advanced payment toward the cost of a health insurance premium or 2 to claim a premium tax credit. If you had marketplace insurance and used premium tax credits to lower your monthly payment you must file this health insurance tax form with your federal income tax return.