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Santa Ana California Form Steps to Fill out Online 8962 IRS: What You Should Know

They can also use the online tool, to determine their APC for 2017. Jun 29, 2023 — The IRS has extended the deadline for filing IRS Form 8962 for the calendar year 2017. The earlier filing deadline will remain in effect through February 15, 2018. The advance payments of the premium tax credit (PTC) made by tax year 2023 may be credited against tax liability for the year 2017, but will not be carried forward to future years. Form 8962 to determine and reconcile the PTC may not be used to figure tax liability with respect to an insurance tax credit (ITC). Form 8962 will calculate the amount of the PTC against the APC provided you have an APC for the insurance year 2017, and you file Form 8962 with your tax return. Who is Eligible for a Health Insurance Marketplace Premium Tax Credit (PTC)? For 2017, eligible individuals are those who have Marketplace coverage through an Exchange and do not qualify under one of the other income restrictions for the PTC. Generally, any individual whose income is low enough that they will be determined eligible for the cost-sharing reductions through the Exchange and who enrolls in qualified health plans through an Exchange that offers a separate, higher premium tax credit. This higher premium tax credit does not include any cost-sharing reductions (e.g., cost-sharing reduction percentage) paid for the year. Individuals eligible for the lower individual and family premiums are individuals who also qualify for either Medicaid or the Children's Health Insurance Program (CHIP), or who do not qualify for one of the other income restrictions under §1401(c). (See Pub. 618.) The income of individuals eligible for the PTC is reduced by the amount that they would have paid on their individual Marketplace premiums for the year. This amount may be credited against income tax liability. Where Will The Payment of the Premium Tax Credit (PTC) Be Taken? The premium tax credit is applied to your health insurance premiums for one of the following: A health insurance policy purchased through a Marketplace (see definition of ``plan'' below) that complies with the requirements of Section 1312(f) of the Patient Protection and Affordable Care Act (PACA). The PTC is calculated in the year to which the premium is applied. An individual who purchases a health insurance policy or enrolls in an individual Marketplace plan through the mail.

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