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8962 2023 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 2023 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 2023 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 2023 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 2023 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 2023 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 2023 and your tax return for one or more tax years following 2023 for the following tax year. The advanced premium tax credit amount for 2023 is 950, according to the IRS, and it is based on your total income from both 2023 and each of the two tax years before 2019.

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FAQ - Form 8962 2023

Do I have to send the IRS form 8962? Will I still get my refund if I do not send in the forms?
You must file a tax return, with Form 8692 included, if any of the following apply:You wish to claim the premium tax credit because you purchased health insurance in a qualified insurance exchange market and your tax familyu2019s income is below the relevant thresholds for your filing status and family size;You purchased health insurance in a qualified insurance exchange market, and part of the cost of that insurance was covered by payments of advance premium tax credit paid on behalf of yourself or another member of your tax family.Advance premium tax credit was paid for an individual (including you) for whom you told the Marketplace you would claim a personal exemption and neither you nor anyone else claims a personal exemption for that individual.Basically, if you purchased an u201cObamacareu201d policy in an insurance marketplace and received any form of subsidy (no matter how described), you must file Form 8692 with your tax return to reconcile the APTC you received with the PTC you were actually entitled. If you purchased an u201cObamacareu201d policy in an insurance marketplace but did not receive a subsidy, filing Form 8692 is optional.If you received Form 1095-A from the Marketplace, and Form 1095-A shows anything other than zero on Line 33, Column C, you almost certainly must file a tax return which must include Form 8692. (However, you may still have to file this form even if Line 33, Column C is zero, in certain situations.)See Instructions for Form 8962 (2023). If you need further advice, consult a professional tax preparer or tax attorney.
Has anyone had the IRS repeatedly ask you or a family member to reconcile Form 8962 after it was filed with your return, and subsequently faxed, uploaded, and sent via certified mail in response to letters from the IRS?
No, but Iu2019m aware of other occurrences with other forms or inquires where the taxpayers received computer generated notices, sent their responses and continued to get notices about the same issue.The IRS is severely understaffed, the Republicans in Congress concluded a long time ago that they needed to starve the IRS into non-existence.In 2023. the IRS expenditures totaled slightly more than $13 billion. In 2023. ten years later, their expenditures were down to $11.5 billion. If youu2019ve dealt with them everyday, youu2019ve seen the decay in both ability and morale.The staffing cuts. the new tax law and the idiotic government shutdown have all contributed to the IRS being glacially slow in having humans attend to an issue.The Republicans are supposed the party of fiscal responsibility. How responsible is it to cut funding to those whose work generates the majority of the revenue? Youu2019d think theyu2019d know how stupid that is.
Do you really believe that the middle income tax cuts Trump hinted at will come true, or it it a ploy because of the mid-terms?
Your walk talks and your talk talks but your walk talks louder then your talk talks. Especially with Trump, take the words and put them to the side and examine the his actions. So far heu2019s done, or attempted to do, the majority of his campaign promises. No healthcare isnu2019t reformed, but he had two major pushes thwarted by his own party. The wall is not built, that does require Congress and heu2019s still pushing on that. This recent caravan of migrates actually helps his case. Hillary is not in jail and heu2019s not really pushed hard on that one. Chalk that one up to a broken campaign promise most likely, after all heu2019s still got about 6 years to go. Beyond those three, NAFTA has been renegotiated, Paris accords withdrawn from, Trans Pac unratified, already some major tax cuts in place, relations with Israel and Britain addressed/repaired, conservative judges nominated, etc etc. Heu2019s done what he said he would. He doesnu2019t act like a politician, nor a businessman. He acts like a New York businessman, a breed unique. I think Trump will push for the tax cuts as he sees less tax as more business, which in turn turns into more taxes. Whether his party backs him in Congress is a different conversation. I would take the recent change of heart of Lindsey Graham as a signal that the Republicans are coming around him and his way of thinking.
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