To be eligible for the premium tax credit, your household income must be at least 100 – but no more than 400 – percent of the federal poverty line for your family size, although there are two exceptions for individuals with household income below 100 percent of the applicable federal poverty line.
What is PTC for IRS?
The premium tax credit – also known as PTC – is a refundable credit that helps eligible individuals and families cover the premiums for their health insurance purchased through the Health Insurance Marketplace.
What is the difference between APTC and PTC?
The consumer’s APTC is based on the estimated annual household income and the household size that the consumer reports on their Marketplace application. The consumer’s PTC is determined after the end of the year based on the actual income and household size for the year at tax filing.
What is the purpose of the 8962 tax form?
The purpose of Form 8962 is to allow filers to calculate their Premium Tax Credit (PTC) amount and to reconcile that amount with any Advance Premium Tax Credit (APTC) payments that have been made for the filer throughout the year. Not everyone can file Form 8962 and claim the Premium Tax Credit.
Do you have to file Form 8962 for APTC?
You must file Form 8962 with your 1040 or 1040NR if any of the following apply: You want to take the Premium Tax Credit. APTC was paid during the year for you or someone in your tax household.
Where can I get a copy of Form 8962?
You can download or print current or past-year PDFs of Form 8962 directly from TaxFormFinder. You can print other Federal tax forms here . eFiling is easier, faster, and safer than filling out paper tax forms. File your Federal and Federal tax returns online with TurboTax in minutes.
How to claim your Premium Tax Credit ( PTC )?
To claim the Premium Tax Credit (PTC), you must file IRS Form 8962 with your federal income tax return. The PTC is meant to help people recoup some of the money they spent on Marketplace health insurance premiums by lowering their tax burden. With Form 8962, you are reconciling the tax credit you are entitled to with any advance credit payments …
