I don't know how to fill out 8962 Form 2023-2024

I don't know how to fill out 8962 Form: What You Should Know

Before you dive into Part I, write your name  Sep 20, 2024 — You should start your tax return. Here is a summary of this blog. The form 8962 works as a tax credit. The PTC can be used to reduce the tax you pay with your income. For example: If your income is 150,000, and you have a medical expense deduction of 15,000, you will only pay 10,000. If you don't itemize deductions, but you have a medical expense deduction, the PTC will reduce your tax bill by up to 12,500. It helps pay for premiums and health insurance costs. The more you spend, the more the credit and the larger your tax refund will be. Taxpayers can receive the PTC for a year. Part I: Calculating your PTC You must report health expenses during the calendar year. There are two ways to calculate your health expenses. In a non-deductible health expense, you must have a deduction on your tax return, but you cannot claim this deduction as your medical expense. Your health expenses must be more than 2% of your adjusted gross income, or 4,850 or more for 2018; this 4,850 standard deduction will not change for 2018. You will be able to deduct health expenses on Form 1040 or Form 1040A if your health insurance policy does not take away health insurance expenses. If your medical expenses exceed 2% of your adjusted gross income, you may choose to deduct your health expenses from your tax return In a deductible health expense (DHI) deduction, you will be able to deduct your health expenses from your tax return. The tax credit decreases as you spend more or less while paying for health insurance, and it is capped based on your family's income. You do not have to itemize deductions to use the credit or the amount of the credit decreases over a lifetime. This limits the number of itemized deductions that can be taken per year. Part II: How the PTC Works The tax credit reduces the amount you owe in taxes. It reduces your tax bill for one calendar year even if you did not use health insurance while you had the health expenses. The credit can reduce the amount you owe taxes up to a maximum of the following amounts: 1/2 of your adjusted gross income (AGI).

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