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South Dakota Form Instructions 8962: What You Should Know

Complete the instructions. Complete Line 26 and then fill out the other lines if you have The Tax Preparer's Guide to the Affordable Care Act Guidance for Taxpayers Who Must Repay Some or All of the Premium Tax Credit. Use Form 8962 to determine the final premium tax credit and any payments you've already  2024 Instructions for Form 8962 — IRS Pay any taxes owed. The Form 8962 is an attachment to your tax return. To use this form, follow instructions in  2025 (3)(b)(i)(B) Form 8962 — Tax Return Attachment to be Attached to Certain Tax Returns for Use in Estimating the Expected Tax Liability of Individuals Under The Tax Cuts And Jobs Act. Additional information The following additional tax information includes information from the premium tax credit, premium tax credit offsets, the health insurance tax credit, and health reimbursement accounts, in addition to the rules and regulations for the premium tax credit and the health insurance tax credit. 2026 (3)(a)(ii)(B) The IRS has updated the premium tax credit rules, and has issued new guidance concerning Form 8962. Specifically, the IRS has updated the maximum credit amount for any plan based on the information you entered. 2027 (1) The IRS has decided to discontinue the Premium Tax Credit. However, your income may be exempt from the penalty for not using a valid, affordable choice. The following information supplements the information in Chapter 19 of the Affordable Care Act. It is not a substitute for the actual text of the law. Income Limits for the Premium Tax Credit. Under current law, if an individual is eligible for the premium tax credit and makes a joint and several payments for a qualified health plan, or an individual obtains another qualified health plan at the same time, the total credits are limited to 2% of the paid-in total of premiums for coverage in the plan. This is called the family size cap. The family cap applies to the individual portion of the payment for the qualified health plan and to the individual portion of the payment for the individual qualified health plan. Therefore, if a family has more than one insured person, the premium limitation applies only to the first payment. The premium limitation also applies to the premium payment for an individual who obtains a separate qualified health plan.

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