What is the Form 8962 and When Will You Need to File It with Your Taxes?
People often have questions about the Affordable Care Act (ACA), especially in regards to tax credits. One specific form that can be particularly confusing is Form 8962. So, when do you need to submit Form 8962 and what is it for exactly? Read on for the answers to all your questions about Form 8962.
In most cases, you need to file Form 8962 if you received premium tax credits to help pay for health insurance coverage through the Health Insurance Marketplace, also known as the “Exchange”. These premium tax credits are available to individuals and families with incomes up to certain limits.
When to file Form 8962
You will need to file Form 8962 with your tax return for the year in which you received the premium tax credits. For example, if you received premium tax credits in 2023, you will need to file Form 8962 with your 2023 tax return.
If you do not file Form 8962 when required, you could owe additional taxes.
What you will need to file Form 8962
To file Form 8962, you will need the following information:
Your Social Security number
Your filing status
Your income
The amount of premium tax credits you received
The name of the health insurance company that provided your coverage
If you received premium tax credits, you should receive Form 1095-A from the Marketplace. This form will include the information you need to file Form 8962.
How to get help filing Form 8962
If you need help filing Form 8962, you can contact the IRS or a tax professional. There are also many resources available online that can help you file your taxes and claim the premium tax credit.
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