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Irs 8962 for 2023 Form: What You Should Know

If you, or your spouse (if filing a joint return), received, or were approved to receive, unemployment compensation in any prior year, you may take this amount with you to the new year.  Line 6 instructions change: Do not include any amount you pay or receive on Form 1040X or 1040A as interest in figuring the amount of an additional tax (e.g. if you get an early payment from an employer, you may exclude any interest that you pay or receive from working off that payment). See Notice 97-17, Notice on Changes in Method of Reporting Interest Deduction, for more information. Line 8 instructions change: If you, or your spouse (if filing a joint return), was approved for a Medicare Advantage Plan, you may include any amount you receive for the plan in your income. If you, or your spouse (if filing a joint return), were approved for medical care coverage, you may include any amount you received or are owed for medical care benefits (Medicare Supplement and Medicaid) as income. If you, or your spouse (if filing a joint return), were approved for  medical care coverage, but you do not get payment in 2018, you may include any amount of such payment as income in 2019. If you, or your spouse (if filing a joint return), were approved for medical care coverage, but you do not get payment in 2017, you may include any amount of such payment as income in 2018.  Line 10 instructions change: Include any amount you receive as an award or other payment under Medicare, the American Health Security Program, or the Supplemental Nutrition Assistance Program (formerly called food stamps) or as a disability payment or as Medicare Part B or Part D payments to a third party. Include any amount from a payment of the  Supplemental Security Income (SSI) benefit or the State Disability Insurance (SDI) benefit or any payment provided under the Temporary Assistance for Needy Families (TANK) program. Include any amount from the Social Security Administration disability benefits, including any earnings (not reported as earnings on Form W-2), that you receive. Any amount you get under Social Security, SSI, or your State disability benefits is not an addition to your income.

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FAQ - Irs Form 8962 for 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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