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Form Steps to Fill out Online 8962 IRS Riverside California: What You Should Know
They are required to take the premium tax credit and any other credit payments they were given. If not, consumers can claim the maximum amount of the PTC in 2023 or the next year. For individuals not married, the credit is 6,000, but is phased out. Tax returns filed in 2023 or 2019, have an estimated tax. So if any individuals had over 1 million in AGI or had a joint return with AGI over 1 million, they should file returns with an estimated tax. If an individual has both a joint return and an individual income tax return, the individual will use the higher tax rate on the individual income tax return. However, if the individual had an individual income without AGI, the individual will be able to claim both the maximum amount of PTC and income tax credit. Form 8962 is a tax return, which you must file to claim the premium tax credit. APC is a payment during the year to the premium tax credit program administered by the Federal Tax Office () in the IRS. If an individual chooses a health insurance plan through the Affordable Care Act, they use the same insurance plan for 2019, and will be able to use their prior year tax return to determine if they need to file. The IRS will verify and reconcile the information in these returns, to ensure the payments are properly reported. The maximum amount of the tax credit varies based on income, family size, and if the person is married or not married. The maximum credit is the lesser of .4 and 6,000. You may be eligible for less than the maximum amount of the credit. The maximum value of the credit for your filing status is equal to the largest of 4,000 or the highest monthly premium for the last 60 days for family size. If the consumer doesn't pay their premiums, and the consumer's premium payment has been made and confirmed, the consumer receives a refund. Learn more about the Federal Tax Credit If the consumer doesn't pay their premium payment, and the consumer's premium payment has been made and confirmed, the consumer receives a refund. What do I need to get a refund? For tax years 2023 through 2019, a refund is generally due on your next tax return, regardless of whether you owe the tax. You must file your tax return within three years of the due date of the return.
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