Premium Tax Credit
is used to reconcile the APTC Advance Premium Tax Credit
subsidy with your IRS # 1040.
If you got too high a subsidy or too low, it gets reconciled at tax time on form 8962. Scroll down or click icon on your right to get the form from the IRS website. If your subsidies were too high you may have to pay penalties, if too low, you can get a tax refund or lower the amount you have to pay.
but first you need the Proof of Coverage Form 1095 A from Covered CA
and B if applicable – like if you had Covered CA part of the year and other coverage the rest of the year, from an Insurance Company, Government – Like Medicare or Medi-Cal or your Employer.
When you are done completing # 8962, enter the calculation on line 46 and/or 69 of 1040 form.
Schedule 1 Additional Income & Adjustments to Income
Do you think this process is complicated?
Form 8962 Premium Tax Credit
attaches to 1040
Subsidy is IMHO hocus pocus - smoke & mirrors
it all comes out when you file taxes!
Turbo Tax Video How to Claim Tax Credit
What Is the Premium Tax Credit (PTC)?
Who Must File Form 8962
Who Can Take the PTC
Terms You May Need To Know
Minimum Essential Coverage (MEC)
Individuals Not Lawfully Present in the United States Enrolled in a Qualified Health Plan
Determining the Premium for the Applicable Second Lowest Cost Silver Plan (SLCSP)
Allocating Policy Amounts for Individuals With No One in Their Tax Family
Allocation of Policy Amounts Among Three or More Taxpayers
Alternative Calculation for Year of Marriage
Self-Employed Health Insurance Deduction and PTC ...
Will Donald’s Executive order of 1.20.2017 eliminate having to pay back any excess APTC? Blog Insure Me Kevin.com 1.23.2017
Molina Health Care reports that the IRS states that 57% of tax payers may lose the credits as they haven’t filed form 8962 or filed their taxes! Email dated 7.30.2015 IRS New York Times 8.4.2015
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Child, Related Pages & Site Map
- excess subsidy IRS # 2015-9 No Penalty on payback of for 2014
- IRS 12 c letter – need to file 8962 Premium Tax Reconcilation
- Maximum Pay Back of APTC?
- Tax Return Deadline & Mandate to File
- VITA FREE help – Covered CA Warning Memo