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

Instructions for Form 8962 — IRS Use Form 8962 to reconcile your advance payments of the premium tax credit (APC) from the last year in which you received the tax credit. Premium Tax Credit (APC). ▷ Attach to Form 1040, 1040-SR, or 1040-NR. ▷ Go to for instructions and the latest information. About Premium Tax Credit — IRS The premium tax credit is available to individuals who purchase health insurance on an exchange or other means of obtaining health coverage. It is based on the proportion of the cost of your premiums that is: Deductible premium. Percentage of the premium that exceeds the amount of the exemption. The premium tax credit is based on the amount of the credit that you actually paid. However, if amounts were: Deductible premium. Percentage of the premium that exceeds the amount of the exemption. Excess premium. Percentage of the premium that exceeds the amount of the deduction for the premium tax credit. The premium tax credit is not available for: Certain health plans in the small group market that: do not provide minimum essential coverage (as required under the ACA); or do not offer coverage for services that are not eligible for a premium tax credit (e.g. for drug plans). The premium tax credit is not available for: Individuals who are not eligible for an exemption; or Those who are ineligible to purchase coverage on an exchange, or who are not eligible to purchase coverage on other means of obtaining coverage (such as coverage through an employer). The premium tax credit cannot be applied to: Health plans purchased through a state health insurance exchange (SEE exchange). Health plans for which the government has prepaid the full premium under the federal tax credit or refundable credit. Health plans for which the employer has prepaid the entire premium (as part of a group plan). Health plans that have a per-person cost of 10,200 or less per plan. Health plans that are sold through a private insurer, without participation through an SEE exchange, are not eligible to participate in the premium tax credit. The Premium Tax Credit (PTC) does not reduce the amount of tax that the individual must pay. If the individual's tax is reduced after claiming the tax credit, he or she will not owe any tax because the credit is refundable.

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