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Form Steps to Fill out Online 8962 IRS Birmingham Alabama: What You Should Know

The Tax Code  For the year 2017, the annual premium tax credit, also referred to as premium tax credit (PTC), was at the state level, 2,000. That said, most states set up a tax credit by imposing some additional tax on high-spending consumers in the form of a 5 percent annual surtax on their income. In the state with the second-highest premium tax credit rate at 4,000, the state government will be required to provide up to 1,500 in federal tax credits on a consumer's income tax return for the year. According to the 2023 A.F.C. Tax Code, Form 8962 and corresponding IRS Form 3493 are used to figure the amount of the premium tax credit and reconcile it with advance payments of the premium tax credit (APC). Who is Eligible To be eligible for the tax credit, the consumer's income must be at least 100 percent of the federal poverty level (GPL) for a single individual, and not less than 100 percent of the GPL for a family of 4. The tax credit is available on the tax form for a single consumer or family of 4. The consumer must be a full-time employee with the same employer filing the return. A full-time employee includes a full-time student, an individual who is employed part-time, or an individual who is not currently employed but is hoping to be eventually. If the consumer is self-employed, the consumer can be eligible for the tax credit in one of the following 3 ways: The consumer is self-employed; and, The consumer is a partner, employee, or shareholder, of the partnership or other legal entity that is self-employed; The consumer is a related party, such as a parent or a child, to the consumer's partnership or other legal entity that is self-employed; The consumer is a member of an employee-ownership plan; and, If the consumer is a student, the consumer must provide the financial aid information required by the program for which the college or university tuition or fees is paid, as established by the program, in accordance with regulations promulgated by the agency. If such information is not available, then the consumer should describe how the student could support himself or herself at the time of filing the return.

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