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Tax Form 8962 2019-2020

IRS Form 8962: Details, Guidelines, & Deadlines

The IRS Form 8962 is used when you need to figure out your amount of the Premium Tax Credit (also known as PTC). PTC can be claimed by families and other eligible persons who receive moderate or low annual income, which must be from 100% to 400% of the United States federal poverty line (may vary, depending on a region). If you belong to one of these categories, this form will help you to purchase health insurance at a lower price. To obtain the right, you have to purchase insurance via the Health Insurance Marketplace that works on the HealthCare.gov domain.

Form 8962 Filling & Submission Guidelines

If you don’t know how to check eligibility of your status for tax Form 8962, you can use this checklist created by our experts based on the latest updates. So, you can qualify if: Now that you know what is the IRS form 8962, you should learn how to fill it. Using the instructions for 8962 tax form, created by {website name} experts, you will fill it without mistakes. If you need further assistance, you can contact us for additional help. From the following instruction, you will know how to: First, you have to type the same name as in the tax return. If the return is joint, provide the first name mentioned on the return. Next, enter your Social Security Number, giving priority to the number that appears first on the return if you are married. If you provided ITIN on the return, type it on the premium tax credit Form 8962 as well. If you are filing as “married filing separately,” you must check the box above Part I. Do the same if you are a victim of spousal abandonment or domestic abuse.

How to fill out tax form 8962

In Part I (lines 1 – 8b), you have to provide annual and monthly contribution amount. For that, determine the number of persons in the tax family, including dependent individuals, and enter your modified AGI. Next, you should figure out how much percents of the federal poverty line your household income is.

When you come to Part II (lines 9 – 29), you have to pay attention to the motes, as in some cases, you’re required to skip to Part IV first. It refers to the Allocation of Policy amounts. Next, provide the results of the Alternative Calculation for Year of Marriage Eligibility and fill the worksheet. From lines 12 to 23, you have to do monthly calculations.

The next stage of instructions for 8962 tax form is filling out the 3rd part dedicated to repayment of excess advance payment of the PTC (Premium Tax Credit). You have to complete this part to define the size of the extra APTC that you have to repay. The amount of repayment can be limited to the values in Table 5.

Next, go to Part IV for Allocation of Policy Amounts (lines 30-33). The list of situations when this procedure is needed is provided in the official IRS instruction. Finally, in Part V, you must make alternative calculations for your pre-marriage months.

8962 Form Updates

Filling the IRS Form 8962 for 2020, you should consider the latest update. It says that you’re not required to pay the penalty on your 2020 tax return if your health insurance wasn’t active during the year. Besides, you don’t have to report details of the insurance on the return unless any advanced PTC payments were forwarded to the insurance provider in order to reduce the monthly premium payment amount.

IRS Form 8962 Calculations

The applicable figures sheet for Part I is attached to the form so that you could check the correctness of your results. Calculation instructions are also provided in lines 8a and 8b. Allocation of Policy Amounts and Alternative Calculation for Year of Marriage Eligibility and worksheets are also attached as inserts to each part of the form. Now you know what is form 8962 IRS and are ready to fill it.

Form 8962 Recommendations

However, we recommend you to contact our expert for additional help, or download the official instruction leaflet to avoid any mistakes. If you provide the wrong data, you will delay the consideration of your return and refund. Besides, it will raise the size of your tax. Now you know how to fill out Form 8962. Double-check the data, attach the form to your tax return, and file it to IRS.
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