Example of 8962 filled out Form 2024

Example of 8962 filled out 2024 Form: What You Should Know

Part I. The Amount of the Premium Tax Credit Part II. Step-by-Step Instructions For any tax year Form 8962 is required to calculate how much of the premium tax credit you or another individual must pay. This step requires filling out a tax return, including: How to fill out your Form 8962 Part I. The Amount of the Premium Tax Credit For each individual The amount of the premium tax credit. Part II. Step-by-Step Instructions Use Form 8962 to calculate how much of the premium tax credit you or any other individual must pay for each health insurance year. Part I. The Amount of the Premium Tax Credit For each individual If you meet all the following requirements, you are eligible for the premium tax credit. You enrolled or re-enrolled in a plan through the Marketplace. You and anyone who is enrolled or re-enrolled in the plan paid the price difference between the lowest health insurance plan in which you are enrolled during the previous enrollment period and the same health plan as that coverage would have cost if the ACA were still in effect. Furthermore, you and anyone who is enrolled or re-enrolled in the plan paid at least the difference that you would pay if the ACA were not in effect. Part II. Step-by-Step Examples Example 1: A married couple with two children, one of whom is under age 5 and the other of whom is under age 19. Both are non-citizens because they did not present their U. S. passports for a U.S. visa. They have been together for almost four years. The couple's annual household income is 130,000. They buy their primary coverage through their spouse's employer. Part II. Step-by-Step Instructions To calculate the premiums for their child's plan that is equivalent to their own plan, they file Form 1095-C, the individual tax return. The child is enrolled in a plan that is equivalent to the spouse's Plan A, which costs 15,700 for the calendar year and 5,100 for each full month after age 19. Example 2: An unmarried, childless couple with one child under the age of 19. Neither person files for an individual tax return and thus both files a joint return for only one return. Their annual household income is 40,000. Part II. Step-by-Step Instructions The premium tax credit for one of the children in this example is 8,000, or 10% of the 40,000 household income that they calculate.

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