A Comprehensive Guide to IRS Form 8962 - Premium Tax Credit

📝Form 8962 is used to reconcile the premium tax credit based on your income and household size.

💰The premium tax credit helps offset the cost of health insurance for families with incomes below 400% of the federal poverty line.

📋The form has five parts: calculating the annual and monthly contribution, calculating the premium tax credit, allocating policy amounts, alternative calculation for marriage, and summary.

😅Completing Form 8962 can be complex, so it's important to refer to the form instructions and IRS publication 974 for guidance.

🧩Certain exceptions apply if you're married filing separately or a victim of domestic abuse or spousal abandonment.

Who should use Form 8962?

—Form 8962 should be used by individuals and families who received the advance premium tax credit and need to reconcile it with their actual premium tax credit.

What if I received an excess advance payment of the premium tax credit?

—If you received more than your entitled premium tax credit, you may need to repay the excess amount when filing your tax return.

Are there any exceptions for married individuals filing separately?

—There are exceptions for individuals who are victims of domestic abuse or spousal abandonment and meet certain criteria.

What if I got married during the tax year?

—If you got married during the tax year and both you and your spouse received the premium tax credit, you may need to do an alternative calculation.

Where can I find more information about completing Form 8962?

—You can refer to the form instructions and IRS publication 974 for detailed guidance on completing Form 8962.

00:00Form 8962 is used to reconcile the premium tax credit based on your income and household size.

02:18The premium tax credit helps offset the cost of health insurance for families with incomes below 400% of the federal poverty line.

05:30The form has five parts: calculating the annual and monthly contribution, calculating the premium tax credit, allocating policy amounts, alternative calculation for marriage, and a summary.

11:31Completing Form 8962 can be complex, so it's important to refer to the form instructions and IRS publication 974 for guidance.

12:45Certain exceptions apply if you're married filing separately or a victim of domestic abuse or spousal abandonment.