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How to fill out 8962 with 1040ez Form: What You Should Know

You are allowed to deduct the maximum amount of the premiums you paid. The excess premiums must be remitted to the Treasury. How to Fill out IRS Form 8962 Correctly? If you are eligible for the premium tax credit (PTC) for this year, you should start at step 5. Complete the first two parts of form 8962, section c, using the following information. Total premium expenses for this year. Enter the net premium paid on line 5b and enter the premium amount on line 6. Calculate your premium for 2024 using the premium amount entered in line 5b and subtract the premium amount entered in line 6 from 100 percent of the amount you pay each month. Subtract the amount of the PTC amount from 100 percent of the premium paid. This amount can be found on line 8(d). Subtract the premium paid from 100 times your PTC amount determined in step 3. If the amount is zero, enter your premium paid on line 6 (line 7. The amount you paid on line 6 is generally more than the amount you pay each month on line 7. You are entitled to a refund or credit. For this year, you can claim these credits, but your refund or credit will depend on whether you qualify for the credit this year. If you are eligible for the premium tax credit, enter the amount of your refund or credit on step 4. If you file Form 846 this year, you can claim your premium tax credit as a miscellaneous itemized deduction on Form 1040.  The total net premium paid is rounded off to the nearest dollar using the following rules. Dividing line 6 by 100% on a calendar-year basis produces the following results; 1.25 percent of the premium paid and 2.5 percent of the premium paid rounded off annually to the nearest dollar. The second step in Form 8962 calculates your PTC amount for 2018.

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