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Middlesex Massachusetts Form Steps to Fill out Online 8962 IRS: What You Should Know

Use Form 8962 to calculate PTC amount on your return. Reconcile it with any advance payments to figure your PTC. Advance payments include amounts you paid for any coverage that started after the date you filed your return, such as the start date for an individual who joined your plan at any time before Jan. 1, 2014. Information about completing Form 8962, Premium Tax Credit. ▷ Attach to Form 1040, 1040-SR, or 1040-NR. ▷ Go to for instructions and the latest information. APC Amount Aug 13, 2023 — The first PTC payment is due on or before Jan. 1, 2023 (if you are under age 65) or on or before Feb. 15, 2023 (if you are age 65 or older). The PTC is subject to the annual limits described in the instructions for Form 8962. In addition to the PTC amount due, you must pay the additional cost. The additional cost is the excess of 2 percentage points (plus or minus 0.2 percentage points) over the total cost of the applicable qualified health plans for the year (after any cost sharing). See Additional Costs of Coverage, earlier, for more information about how the cost of coverage is calculated. If your total cost of coverage includes a premium tax credit, figure the tax credit using your advance PTC payment. The extra PTC payment must be made by Nov. 1, 2022; you may use Form 1040-G to amend an advance payment you made earlier. Additional Rules for Premium Tax Credits The following rules apply when determining whether an amount of your advance PTC for the tax year exceeds your excess cost of coverage. No excess cost can be considered if you have a health coverage exemption certificate issued by the IRS. No excess cost is considered if you file a Form 1095 that shows you did not have coverage for any specified part of the tax year (the “disregarded-health-insurance group”); you also file a statement with the annual return showing you have coverage for the part of the tax year that is not the “disregarded-health-insurance group”; and your coverage for that portion of the tax year is treated as coverage for the entire tax year (without regard to whether you had a specified part of the year excluded by the IRS). This rule applies to everyone who is not covered by a certificate issued by the IRS.

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