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8962 2023-2024 Form: What You Should Know
You also need to verify your income to show if you got any breaks on the value of any tax credits, such as the income tax bracket adjustments. You then fill out Form 1040 by filling out the following sections: Line 7 — Line 26 — Payable in any calendar year. Line 24 — Line 31 — The amount of tax, if any, that will be withheld from your wages. Line 45 — Line 57 — Any additional deductions, such as capital loss carryovers, if applicable. Investopedia Using the IRS Form 8962, you verify your income. The IRS has given us the option to use up to ten years after the end of your taxable year to figure the maximum amount of additional tax your income will pay, known as the advance premium tax credit, if you are eligible for the credit. Using that time period, if you made 9,999.99 in income in 2017, you may have between 1,000 and 6,000 of other income to report for the 2024 tax year that will reduce your adjusted gross income at tax time. You may also have other income that your tax situation may have changed in 2024 that caused your adjusted gross income to increase, causing your advance premium tax credit to reduce, rather than expand, as the date your tax return for 2024 and the tax year following that would have been your first taxable year. See the table and instructions for more information about when to use the advance premium tax credit. Use the IRS Form 8962 to report your income from both your 2024 return and your returns for each of the two years. You may also fill out this form if you have questions about any tax credits or deductions that you claimed for the 2024 tax year. Form 8962: Premium Tax Credit Definition — Investopedia Using the IRS Form 8962, you verify your income. The IRS has given us the option to use up to ten years after the end of your taxable year to figure the maximum amount of additional tax your income will pay, known as the advance premium tax credit if you are eligible for the credit, and you had eligible income for both 2024 and your tax return for one or more tax years following 2024 for the following tax year. The advanced premium tax credit amount for 2024 is 950, according to the IRS, and it is based on your total income from both 2024 and each of the two tax years before 2019.
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