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Irs 8962 Instructions 2023 Form: What You Should Know

Enter the employee's TIN. Line 4. Enter the last four digits of the employee's paycheck stub from the last day he or she was paid that salary. A line in the employee's record may be missing if it ends before the next line. Line 5. Enter the Social Security number for the individual who was paid the salary (for the employer-provided coverage). Line 6. Enter the number that is equal to the person's premium, amount reported on line 2, if any, and if the person receives a refund of premiums for the tax year, enter the amount of the refund on line 6. Note: If a spouse is part of the family living in the same household, enter the spouse's name in line 5. Line 7. Enter the number of dependents in line 7. No line 7 is required for persons other than family members (defined in the ACA) or spouses. Line 8. Enter the number of eligible dependents from line 6. Line 9. Enter the sum of line 8 and line 9. If the amount of your spouse's premium for the year is less than line 9, enter zero on line 9. If the amount of your spouse's premium for the year is greater than line 9, enter 2 of the 3 numbers from line 8 on line 9, including the amount of premium you pay. If line 9 is not shown on the return, the form may be used to compute the family's monthly individual market premium for that year. For this purpose, the person with the highest amount of credit for line 9 is the person who has no health insurance. Tax Information will be furnished or mailed to the applicant based on either individual information return filing status as described in section 3 of Pub. 525, or the electronic filing status described in section 706 of Pub. 25.  If filing electronically, the IRS will issue a Form 1095-S that is a paper-based form, unless all the following conditions apply and the IRS receives a Form 1095-C. If Forms 1094-B and Forms 1095-C are completed electronically using the electronic filing system, if all the following conditions apply, and if each of the following is true by the due date for tax returns and reports: You have a valid Social Security Number, if you did not have a Social Security number on line 1. You did not pay any penalty under the Affordable Care Act.

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FAQ - Irs Form 8962 Instructions 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.
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