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MI Form Steps to Fill out Online 8962 IRS: What You Should Know
If you're eligible to receive the premium tax credit, you must also meet certain requirements that you'll find discussed below. You cannot use the tax credit to reduce your tax liability under the federal income tax. Eligibility is limited to individuals and families. Individuals with incomes under four hundred dollars (400) and families with incomes under three hundred fifty dollars (250) are eligible. You have to file Form 1040 or Form 1040-A, Supplemental Return of Tax, if the credit amount is more than the tax that is payable. This includes the credit received. The tax liability of the child must be excluded in figuring the tax. The credit is not refundable. The person must be a United States citizen or a tax resident alien. A married filing joint return is considered a couple for the purpose of the credit. A family that includes more than one student who is in school is considered a family. The credit is limited to an amount equal to your premium (the amount of the payment you receive toward the purchase of a qualified health plan) paid for coverage from a qualified health plan offered through a qualified health plan in the Marketplace. Advance Payments for the Premium Tax Credit (PTC) | Internal Revenue Service If an advance tax payment is made to you, the payment is a credit against your tax for the amount of the tax paid. For each advance tax payment that you receive, you may choose to have the payment reported as employment income. If you do not have a premium tax credit as described in the box to the right, and you make an advance payment, the amount of the advance payment is reported as self-employment income on line 23 of Part I of Form 2106, if you itemize deductions on that line. Form 8962 (2021), Premium Tax Credit; or Form 1040-B, 1040-A; or Schedule A (Form 1040), line 21; or Schedule C (Form 1040, line 11); 2023 | 2017 Advance Payment of the Premium Tax Credit (PTC). To claim the premium tax credit (PTC), advance payments of the applicable premium tax credit amount (which must be the credit for the month in which the advance payment is made) are not made. Instead, the advance payment is reported on Form 1040, 1040A, 1040NR, or 1040-NR-EZ. Form 1098, statement of account. Income Tax Withheld on Premium Tax Credit Payments.
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