Form Instructions 8962 for South Carolina 2023-2024

Form Instructions 8962 for South Carolina: What You Should Know

Form 8962, Premium Tax Credit — Healthcare.gov Line 4, “Use amount” — This is the amount you were able to collect from taxpayers. If you had more than 1,000 in net premiums you paid for a silver plan, you used that amount. If you didn't pay net premiums, you reported 0. If you didn't provide information on a silver plan, make note of the amount. Line 6, “The amount you report on line 4” — This is what you're reporting on line 4. The number is reported on line 6 of your form. What does the final line mean? If the amount on line 4 is 0 and line 6 is 0, then you reported no premium tax credit on line 4, and you're considered “0.0” on line 6. If the amount on line 4 is 1,000 and line 6 is 0 or 100,000, you report premium tax credit on line 4 and line 6 are both 1,000, and you're considered “1.0” on line 6. The amount reported on line 4 will increase by any amount you collected during the year that was not paid to you. In 2018, a household could only owe up to 8,300 in premiums, so you don't pay premium tax credit on line 1, because you paid the premium tax credit on your own. The amount you report on line 4 is shown on line 6. The amount you report on line 6 is the total amount of premium tax credit that you had reported on your form that were paid to you. Any other premium tax credit that you receive will be subtracted from this amount. What if I didn't provide information? This doesn't affect whether you're “0.” It simply means that you need to report a “0.” Your tax rate is based on the percentage of your income that you are paying to the IRS. What do you do if you're “1.0” or “0.0” on line 6? You're considered 1.0 or 0.0 on line 6 if you paid a maximum premium (amount not yet covered by your tax credit or APC) or an advance payment (amount your taxpayer or household member put into the Marketplace or who had a PTC for the year) in 2017, and you had any net premium for an individual coverage plan that you had on or around January 1, 2018.

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