
Form 8962 Premium Tax Credit PTC
Quick guide on how to complete form 8962 2023
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People also ask 2023 8962 form
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Do I have to pay back my premium tax credit?
If at the end of the year you've taken more premium tax credit in advance than you're due based on your final income, you'll have to pay back the excess when you file your federal tax return. If you've taken less than you qualify for, you'll get the difference back.
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How do I get the 8962 premium tax credit?
You can receive this credit before you file your return by estimating your expected income for the year when applying for coverage in the Marketplace. This counts as the advance premium tax credit. You can also claim the premium tax credit after the fact on your tax return with your actual income.
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Why is the IRS asking for 8962?
You must file Form 8962 to compute and take the PTC on your tax return. Advance payment of the premium tax credit (APTC). APTC is a payment during the year to your insurance provider that pays for part or all of the premiums for a qualified health plan covering you or an individual in your tax family.
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What is PTC on form 8962?
More In Forms and Instructions Use Form 8962 to: Figure the amount of your Premium Tax Credit (PTC).
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Why are my taxes rejected due to form 8962?
A1. Your electronic return was rejected because IRS records show that APTC was paid to your Marketplace health insurance company on behalf of you or another member of your family, and you are required to complete Form 8962 and include it with your return to reconcile the APTC with the PTC you are allowed.
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How do I know if I need to fill out form 8962?
Who Must File Form 8962? You must file Form 8962 with your 1040 or 1040NR if any of the following apply: You want to take the PTC. APTC was paid during the year for you or someone in your tax household.
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What happens if I don't fill out form 8962?
Even if you estimated your income perfectly, you must complete Form 8962 and submit it with your federal tax return. If you received an APTC and don't file Form 8962, you could be ineligible for Marketplace APTCs in the future.
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Why is the IRS asking me for form 8962?
If you received the benefit of APTC for a tax year other than 2020, you must file Form 8962 to reconcile your APTC and PTC for the year when you file that tax year's federal income tax return even if you otherwise are not required to file a tax return for that year.
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