OK Form Steps to Fill out Online 8962 IRS 2024

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

This tax credit may be applied on any portion of the premiums for coverage that you receive from an employer, government agency, or nonprofit organization. Also, it's available to you only if you're a taxpayer for the tax year beginning in 2024 or a taxpayer for the tax year beginning in 2022. A taxpayer for the first taxable year beginning after that date is a beneficiary, not a taxpayer, of the benefit, and you can't get this tax credit to reduce the premiums you paid for coverage of you or your immediate family. Taxpayers must be age 65 or older when they file their tax returns. You must have coverage through an employer, the government, and any nonprofit organization. If you are eligible for a tax credit, the amount of the credit that you'll get will depend on whether you qualify for the premium tax credit, which is the smallest of 2,000 or 90 percent of the dollar amount of your health insurance premiums. If you qualify for the premium tax credit you may be able to claim a refund of a portion of some, but not all, of your premium payments. In 2018, the premium of plan members enrolled in the largest employer group that offers an employer-sponsored health insurance plan—those with coverage for self-only coverage or married couples who don't get any coverage through their employer—was not affected by the premium tax credit. The tax credits for people who pay the minimum premiums would be reduced by the amount you pay in premiums, because the maximum amount that can be claimed for tax credits is a maximum of 6,350. For more information, see Pub. 525 and the following sections: Premium Tax Credit. 2024 and 2019. Premium tax credit for small coverage group policies. Premium tax credit for catastrophic coverage. Premium tax credit for large group policies. Premium Tax Credit for Qualifying Employees and Independent Contractors. If you're self-employed and have an individual policy, go to How to File Your Tax Return if You're Self-Employed and File an Information Return. What if you are a beneficiary of the PTC? You may not claim the premium tax credit if you were married or married filing separately and the tax credit for your spouse was used to reduce your premium. You may or may not qualify for a refund of the portion of your premium payment that was used for this purpose.

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