When to file instructions 8962 Form

When to file instructions 8962 Form: What You Should Know

How does the premium tax credit work? Generally, the tax credit for health insurance premiums (known as the premium tax credit) is equal to 1.5-percent of the first 2,085 of a taxpayer's eligible premium for the 2024 filing year (and 2,400 for 2019). The eligible premium for 2024 is 10,000 for individuals and 20,000 for families, and the annual premium tax credit amount is increased by an amount equal to the taxpayer's annual income for the number of days in the year during which the premium was paid (up to 7) and by a dollar for each day during which the tax credit is taken (up to 2.5 percent of the premium for 2017, as indexed). The premium tax credit amount may be reduced by any amount paid in advance to the Marketplace for premiums.  In addition, you can exclude from gross income any premium paid for coverage under a qualified health plan (described earlier on the next page) and may have to pay a small annual fee or surcharge on your return. If you are a self-employed individual, the premium tax credit on your tax return could be higher. See below for information. How do I determine the premium tax credit amount? The credit for single coverage under a qualified health plan is the greatest of 10 percent of your adjusted gross income or the amount equal to the premium tax credit that you would have paid. If you qualify for other credits, reduce the premium tax credit. You do not have to take the premium tax credit if you qualify for other credits. However, you could be charged a small annual fee or surcharge on your return if you are an  If you receive a letter stating that you are eligible for tax credits, but you make any change in your coverage for the 2024 filing year, or that you are required to make a certain change in your coverage for the 2024 filing year, you must make a good-faith effort to obtain coverage unless  you are unable to obtain coverage for health reasons, and, if it is not affordable, you must pay an amount equal to the increase in cost (up to 20 percent of the cost for the first 10,000 in covered benefits). If any of the conditions above applies to you, you could be charged a fee of as much as 300 per month. If you qualify for other credits (discussed below), your premium tax credit will increase by an amount equal to 1.

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