How to fill out 8962 with 1040ez Form 2024

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

Part I is the most important part of Form 8962. If you don't fill out all five parts correctly, you could face penalties. Part II is all about the premium tax credit. For this reason, you must fill in this section carefully. You have to complete this section as though you were making your own contributions towards a qualified health insurance plan. Step 1: Fill out the fields on Part II that are relevant to you (below the line called “Allocation”). Required field The first line says which year you entered this part (January – December). If all of your income has been reported by the IRS for the calendar year you entered, you will enter that year as the year this part begins. The field called “Allocation” says the amount that you plan to use toward getting your premium tax credit. It does not matter what plan this is from, just that it is from  or your plan has “PTC.” If you want to pay for your health insurance through your pre-tax IRA or if you want to get your cost of insurance at the standard or lower rate, then the allocation fields in Part II will be the same. If you have an HSA, it's important that you list all of your health insurance coverage in the allocation fields for that plan. If this is your first time filling out Part II, skip this step and go to the next section. Otherwise, follow this step to calculate your premium tax credit. Step 2: Complete the fields on Part II for your premium tax credit. Required field If you are a single filer, you must fill out one of these two fields: • One-time payment amount — This is the total of all the payments described below to increase your contribution amount each year: • Your regular tax payments • Regular tax payments — This is the total of all of your regular health insurance payments, including those that you make on a monthly basis. These payments are only for health insurance coverage in a “qualified health plan” If you are married, then either you or your spouse can fill out one of these two fields: • Regular tax payments — This is the total of all of your regular health insurance payments, including those that you make on a monthly basis.

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