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Alabama Form Steps to Fill out Online 8962 IRS: What You Should Know
You can fill out your 8962 tax return online with Sign & upload form 8962 Instructions | Chub Get ready to pay the premium tax credit (PTC) without having to file a tax return. The premium tax credit (PTC) is an individual income tax credit for qualifying individuals or families that pay health insurance premiums. You pay health insurance premiums, the premium tax credit (PTC) is returned to you in cash. If an individual or family makes a payment of more than the fair market premium for a qualified health plan, the Internal Revenue Service may credit the payment as an add-back to other income for the tax year. The PTC is not taxable, but the payment to the credit is tax-free. You cannot take the payment in the year it is made, and you can't make a payment within 30 days of the due date of Form 1040. What is the premium tax credit (PTC)? In the Affordable Care Act (ACA), taxpayers can apply for a free premium tax credit (PTC) and may claim up to a maximum of 2.5% of their adjusted gross income for up to three years. When calculating the PTC, you also may reduce your income to exclude from the PTC the amount and percentage that is more than 9.5% of your adjusted gross income. This applies to all taxpayer filing separately or jointly as a head of household. The law also limits the PTC to an amount equal to 2,000 for an individual and 4,000 for a couple, unless the taxpayer has at least one child, or a member of the taxpayer's household dies while the household is being considered for or a payment of the PTC has been made. Where can I get a form 8962? You can download the free form using the link below, or access the form on the Internal Revenue Service's website. The free form does not apply directly to individual health insurance premiums. Where can I sign up for your mailing list? You can sign up for our list of mailing list subscribers using your email address on the form. Do you have another tax tool for people who work with or depend on income? Let us know what you use.
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