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Who Can Use a Premium Tax Credit?

To get a Premium Tax Credit, you should fill out IRS Form 8962. This is for those who purchased health insurance in the Health Insurance Marketplace. The purpose of the document is to help decrease monthly payments. Getting a refund depends on several factors:

  1. To fit the obligatory requirements, you need to pay attention to the Federal Poverty Line Eligibility rates.
  2. What should also be taken into account is how many individuals are in your family. One person may receive from eleven to forty-two dollars off their plan, two people registering may receive between sixteen and forty-six dollars off their plan, and four people may receive twenty-four to ninety-nine dollars off their plan.
  3. The household income should not exceed four hundred percent of the maximal rate for families.
  4. Also, you or your relatives shouldn’t be eligible for minimum essential coverage, other than in the individual market.
  5. Remember, if a married individual completes his or her return separately, the couple will not be eligible for a PTC, unless any healthcare costs are related to domestic abuse.
  6. The amount of credit depends on where you live, as there are various restrictions that vary from state to state.

Those who fit the criteria mentioned above may complete the application using 8962 Form.

How to Digitally Prepare 8962 Form?

Open the blank on the SigNow website and use our simple and user-friendly toolkit. The template has five general parts that will take only a few minutes to fill out. The 8962 Form includes the information given below:

  1. The first block covers monthly and annual contributions and all income tax returns you and your family members have.
  2. The next block includes the details of the claim for the PTC and its advanced payment.
  3. Remember to provide the PTC repayment limitation. To correctly provide all the necessary data, look at IRS Form 1040A.
  4. The fourth part covers the insurance policy details for every family member.
  5. If you are going to apply for an alternative selection, fill out the fifth section.

For additional details concerning 8962 template, visit the official IRS website. It contains step-by-step instructions and explanations.