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

Form 8962—Premium Tax Credit. For more information about this form, your employer, and your options regarding the PTC, email your questions to your local tax preparer or call. The premium tax credit is available for self-insured individuals who purchase health insurance policies that cover certain basic health benefits or minimum value standards. They are required, in all states, to obtain health insurance through government-established Exchange exchanges. The credits reduce the amount of premium that an individual must pay or contribute to an individual plan. The refundable portion includes amounts paid for health benefits, medical and dental expenses, and the Federal income tax. The credit can be based on the employee's net tax liability or, if the health insurance premiums are provided to an employee in advance, the tax liability plus a penalty. The credit is only available to individuals age 18 and over, and families of any size. Credits are limited to the following: for individual policyholders with income under 400% of the Federal poverty level, 100% of premium; for individual policyholders with income about 400% but less than 400% of the Federal poverty level, 85% of premium; for family policyholders, 100% of premium. The credit amount can be claimed on the appropriate tax return for each taxable year, and may be claimed in full or in part during anyone tax year. Credit amounts may also be claimed for the taxable year in which the premium is paid. No credit is granted in any year for policies purchased in more than one state. How the Premium Tax Credit Works The premium tax credit is offered up in two ways, depending on: 1) the age of the enrolled 2) whether the enrolled is married or a nonresident. For policyholders aged 18-64 and not married with nonresident spouses, no credit is provided. An enrolled with an employee-only policy who is married to a nonresident can claim the credit on his or her single income tax return and must take a standard deduction. A nonresident spouse of an enrolled who is married to an employee can make a joint standard deduction of the full premium paid (or 6,800, whichever is less). A nonresident spouse of an enrolled who is not married to an employee can make a joint standard deduction of the premium paid (or 3,400, whichever is less). The premium is claimed to be eligible if it covers at least the lowest actuarial value of the plans offered to enrolled.

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