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8962 instructions 2023 Form: What You Should Know
Do I need this form to file my taxes? Yes. You may need Form 8962 to: Reconcile your form 8962 with any advance PTC payments made in the tax year. Reconcile any future federal income tax due dates with your tax return. How to reconcile your advance payments of the premium tax credit (APC) — Healthcare.gov Complete all sections of Form 8962. For more details, see How to Use Form 8962 to Reconcile With Advance Payments of the Premium Tax Credit (PTC). I didn't use a Form 8962, why does my credit differ from what the IRS says? You may notice that the credit you report on your tax return is different from what the IRS shows on Form 8962. If your credit doesn't match the IRS and you still owe tax, you may be entitled to a refund or file a lawsuit. Where does the credit go? The credit is allocated to your 2023 taxable income. If you have other qualifying income in 2017, that income will also be allocated to your credit. The credit is based on all of your income in the year, including all taxable earned income. If you earned more than the amount reported on your Form 1040, you'll get more of your refund or be forgiven your tax penalty. How do I apply the credit? There are two ways to apply the credit for 2017: Do one of the following each of the three 2023 tax years: File an amended return; and Send Form 8962 with the return as well as your annual tax return form. Don't forget to include your 1040 and your tax return form. The IRS will send you all your information in one place—your tax return or your tax payment form. You only have to make one of the following choices if you have income in both 2023 and 2018. You'll get your tax credit for 2023 based on the amount on your Form 1040. On the tax return you send, you can only report the amount on which you used the maximum credit for 2017, i.e. the amount on line 17 of Form 1040, line 1 of Form 1040A, line 1 of Form 1040EZ or line 6 from Form 1040NR.
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