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Form Steps to Fill out Online 8962 IRS Texas: What You Should Know
See below for information about which years qualify for the Premium Tax Credit. The premium tax credit reduces your income and federal income tax but does not reduce the amount of your Social Security and Medicare taxes that you owe on your tax return. The credit reduces your income tax and social security and Medicare taxes up to a maximum dollar amount of 2,600 for each qualifying child. This credit is worth up to 45 percent of the amount you paid for coverage under the Marketplace, or up to one-third of the cost of the cheapest insurance available in each area with a Marketplace. This credit is not refundable, so you must have paid the full premiums to file your tax return to qualify for the credit. What if I do not receive my tax return? If you are a single adult child (under age 18) and you did not receive your tax return because of a failure to respond, or otherwise you do not qualify for this credit, you may apply to the Marketplace for the 2023 tax year. 2018 PTC Eligibility You must: Have no more than four qualifying children in 2023 and file your tax return for that year. Do not file for 2023 (even if you qualify for coverage in 2019). Pay no more than 750 (unless you meet the other tests). The credit is: Up to 1,039 for a qualifying child in 2018. That amount increases by 200 in 2019. The maximum credit allowed, however, is less than the maximum annual credit allowable. Maximum 2023 Federal Income Eligibility. See below for 2023 Federal Income Limits. You must file Form 1040, 1040-SR, or 1040-NR, and pay all the applicable income taxes for 2018. The number of qualifying children cannot exceed two in 2023 (under age 13 in 2023 and 2021). You may not obtain the PTC if either of your 2023 qualifying children, or any of your qualifying children in early 2019, are eligible for other Federal or State tax benefits, including: Medicaid or the Children's Health Insurance Program (CHIP) The number of children you apply for the PTC in 2023 is up to two. For tax year 2018, your filing status is married filing separately, head of household, or qualifying widow(er) regardless of your filing status. Who qualifies as a qualifying child There are three ways to figure out you qualify for a premium tax credit: (1) file income tax return to the tax year the child is born or turns 21 (no filing extensions).
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