
2018-2025 Form
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People also ask
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Why is the IRS asking me for form 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 happens if I don't enter my 1095-A?
The purpose of Form 1095-A is to reconcile any advance premium tax credits you received during the year with the amount of credits you were eligible to receive. If you fail to file a tax return reconciling those payments, you will not be eligible for premium tax subsidies in the next year.
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Do I have to pay back 1095a?
Form 1095-A will help you reconcile your PTC with any tax credit payments received in advance. For example, if your income is higher than estimated, you may have to pay back some of your advance payments. But if your income was lower than estimated, you could receive additional payment as a tax refund.
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How does Form 1095-A affect my taxes?
The Form 1095-A will tell you the dates of coverage, total amount of the monthly premiums for your insurance plan, the second lowest cost silver plan premium that you may use to determine the amount of your premium tax credit, and amounts of advance payments of the premium tax credit.
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How to fill out form 8962 step by step?
Filling out Form 8962: A Step-by-Step Guide Step 1: Gather the necessary documents. ... Step 2: Complete Part I - Annual and Monthly Contribution Amount. ... Step 3: Calculate the premium tax credit in Part II. ... Step 4: Compare advance credit payments. ... Step 5: Complete Parts IV and V. ... Step 6: Double-check and submit.
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Do I have to report 1095-A on my tax return?
Should I attach Form 1095-A, 1095-B or 1095-C to my tax return? No. Although you may use the information on the forms to help complete your tax return, these forms should not be attached to your return or sent to the IRS. The issuers of the forms are required to send the information to the IRS separately.
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Will a 1095-a lower my tax return?
Yes. In some cases, the information on the corrected Form 1095-A may be in your favor – it may decrease the amount of taxes you owe or increase your refund. Taxpayers have the option of filing an amended return if they choose.
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Is a 1095-C form mandatory?
Yes, a Form 1095-C must be filed for (and furnished to) every full-time employee, including a full-time employee who has coverage under TRICARE or a VA health program.
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