If you don’t, your APTC might have been too high - which means you might be responsible for repayment of some of this subsidy.Įither way, it’s important to accurately file Form 8962. If your income changed during the year, you need to report that. This advance payment is calculated according to your income, and the federal government sends it directly to your insurance company. The APTC is a subsidy that helps make plans on the health insurance marketplace more affordable for low- and moderate-income families, reducing what you pay for monthly premiums. In contrast, it can also determine if you’ve received too much Advance Premium Tax Credit (APTC). Form 8962 will calculate how much PTC you’re eligible for, and it could increase your tax refund. Your PTC won’t be issued automatically, so you’ll need to file Form 8962 when you file your tax form 1040 or 1040-NR. To claim the PTC, your household income can’t be more than four times the federal poverty line. In most cases, you need to have been enrolled in a marketplace health insurance plan for at least one month. If you paid health insurance premiums on Affordable Care Act insurance marketplace plans during the previous year, you could be eligible to get some of that money back with the Premium Tax Credit (PTC). Completing this form online is convenient for many reasons, but you’ll need to know how to best access and edit this PDF. When you’re preparing your taxes, you might need to fill out Form 8962.
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