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Printable Form Steps to Fill out Online 8962 IRS Rhode Island: What You Should Know
Advance PTC. c. advance payment of PTC. d. the refund of the premium tax credit (PTC). For those with a federal adjusted gross income (AGI) below 100% of the federal poverty line for their family size, no PTC is allowed. For any other taxpayer who does not meet the criteria for the PTC, PTC is available for a refund when a refund check is issued from the IRS. 2018 PTC Eligibility | Internal Revenue Service What is the PTC, and what does it mean to me? ▷ The premium tax credit (PTC) limits your total premium payments for a policy to the amount of the credit. ▷ The credit amount is equal to the difference between the lowest cost silver plan and the highest cost silver plan (including the amount for any employer contributions or health reimbursement arrangements, including a health savings account (HSA), and an employer shared responsibility payment). ▷ A premium payment for any plan is limited to the cost to the plan maker on the date of the policy. ▷ A Premium Tax Credit (PTC) credit is only available for claims made on tax returns for the tax year for which a refund has been issued. ▷ When you file a tax return, enter the PTC amount on line 12 of column A (if you file on paper, enter 0 on line 12 if you file on other methods including file). See instructions for Form 8962 for more information. Note: The monthly premiums to purchase a single policy must exceed 10% of the Monthly Maximum Earned Income (MME) amount (Form 1040). In certain other cases (described below), the monthly premiums to purchase a dual policy must exceed 15% of the MME amount. For dual plans the premiums to buy a dual policy must exceed 20% of the MME amount. With premium tax credits, for individual or family coverage, the monthly premiums to purchase a single policy must exceed 11%, 16% or 35% of the MME amount. With no premium tax credits, the monthly premiums to purchase a single policy must exceed 9% or 29% of the MME amount. Premiums paid for a single policy must be at least one-half of the amount by which the premium for the lowest cost silver plan in the policy area exceeds the applicable maximum actuarial value for the single coverage area.
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