Complete Guide to Form 8962: Premium Tax Credit for 2023 Tax Year

📝Form 8962 is filed with Form 1040 and is required if you received advanced premium credit.

💡The form helps reconcile your estimated income with your actual income for the year.

📃You need the details from Form 1095-A, health insurance Marketplace statement, to complete Form 8962.

💰Form 8962 determines if you have to repay some of the advanced premium credit or if you are eligible for additional credit.

📊Your total premium tax credit is calculated based on your income, family size, and where you live.

Who needs to file Form 8962?

—You need to file Form 8962 if you received advanced premium credit and were enrolled in the health insurance Marketplace.

What information do I need to complete Form 8962?

—You need the details from Form 1095-A, health insurance Marketplace statement, and your overall income for the year.

How does Form 8962 affect my tax liability?

—Form 8962 determines if you have to repay some of the advanced premium credit or if you are eligible for additional credit, which affects your tax liability.

Can I round the amounts on Form 8962?

—Yes, you can round the amounts to the nearest whole dollar when filing your income tax return.

How is the total premium tax credit calculated?

—The total premium tax credit is calculated based on your income, family size, and where you live. The federal poverty line is also taken into account.

00:01Form 8962 is necessary if you received advanced premium credit and were enrolled in the health insurance Marketplace.

03:00The form helps reconcile your estimated income with your actual income for the year.

08:00You need the details from Form 1095-A, health insurance Marketplace statement, to complete Form 8962.

13:00Form 8962 determines if you have to repay some of the advanced premium credit or if you are eligible for additional credit.

17:00Your total premium tax credit is calculated based on your income, family size, and where you live.

22:00You need to file Form 8962 if you received advanced premium credit and were enrolled in the health insurance Marketplace.

27:00You need the details from Form 1095-A, health insurance Marketplace statement, and your overall income for the year to complete Form 8962.

32:00Form 8962 determines if you have to repay some of the advanced premium credit or if you are eligible for additional credit, which affects your tax liability.

37:00Yes, you can round the amounts to the nearest whole dollar when filing your income tax return.

42:00The total premium tax credit is calculated based on your income, family size, and where you live. The federal poverty line is also taken into account.