Make sure that you are not dependant on another person’s tax return.The income limits should be fall in (between 100% – 400% of the federal poverty line.).You have to buy the health insurance through the marketplace.Therefore, if you are receiving healthcare from your employer (and get a 1095-C Form) you cannot file the Form 8962.Ī taxpayer needs to meet all the requirements below, to be eligible for the credit qualifications: This is known as the exchange or the Health insurance marketplace. To be eligible to file the Form 8962 and claim the consequent tax credit, one needs to himself (or a member of the family) needs to have health insurance through the Affordable Healthcare Act. This is to aid the taxpayers afford and benefit from the health insurances purchased through the .īut, before we delve into what the Form 8962 is and what are its specific instructions, it is important to know who files IRS form 8962. The PTC is a refundable tax credit that you can claim by eligible tax payers and families earning and falling between the zero to moderate incomes. What is Form 8962?įorm 8962 is to calculate and claim the Premium Tax Credit (PTC). This is a useful trick for some individuals to save on their income tax. It is to calculate the amount of Premium Tax Credit (PTC) and balance it with the advance payment of the Premium tax credit (APTC). If you are a working professional, and file income tax and are paying premiums for any Healthcare plans, then knowing about Form 8962 is integral and beneficial for your tax returns.
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