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Form Steps to Fill out Online 8962 IRS PA: What You Should Know
PTC Eligibility. ▷ ▷ Go to for instructions and the latest information. The Premium Tax Credit. The premium tax credit gives you a tax credit equal to 30 percent of your share of the cost of a health insurance policy that you purchase. The credit is reduced for any portion of your premium that you pay to your insurance company when you file an H&R Block Form 8965. 2024 2025 Instructions for Form 8965 — IRS The premium tax credit can be subject to a lifetime limit. 2026 Instructions for Form 8965 — IRS You do not have to pay the credit in each month in which you buy health insurance coverage (unless you are age 65 or older). For the 2023 tax year, the lifetime credit is worth up to 2,000,000 over each 25-year period, up to a total of 6,000,000. If you're over age 65, the lifetime amount starts to add up each month for yourself and your spouse for the first 25 years after you're eligible to file (after you turn 65). After those 25 years, the credit goes back down as the years go by. 2027 Instructions for Form 8965 — IRS You can't have any tax obligations for the year to which it applies. However, once you file a tax return with this credit, you will incur a tax liability for that year. This is true whether you are taxed by the government or by your employer. The tax liability continues for each month that your premium is paid, even if it's not paid until that month. However, the tax credits do decrease in the years after 2021. In this example, assuming the amount of the advance payment of the premium tax credit (APC) in the first year was 2,000, you must still pay a tax payment of 1,000. This 1,000 payment is not required to be reported on Form 1040, 1040-SA, or 1040-NR and is not a deductible amount. 2028 Instructions for Form 1040, 1040-SA, or 1040-NR — IRS You can't have any tax obligations for the year to which it applies.
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