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

The amount you pay for the 2023 premium tax credit (PTC) on Form 8962 equals the premium for a qualified health plan obtained through a Marketplace in a qualified health plan year. If your Plan was a non-ACA qualified health plan, you must file a return for that year with the return information of the plan or plan options in effect, and file Form 8965, Form 8962, or Form 8965-ES with the IRS to compute the tax credit. If you obtained the premium tax credit on Form 8962 or otherwise from a Marketplace plan through a Health Insurance Marketplace, we will use the premium information for the plan with the most recent average premium in a qualified health plan year. In other words, the credit for the plan in the 2023 year is the difference between the amounts shown for that plan in the premium information in your return for the 2023 year, and the amount shown on a form filed by you for 2023 for the same plan. For example, if the information on the form for 2023 is the same as the information on the form for 2017, the 2023 credit (credit for the 2023 year) of the plan from the Marketplace is that difference. The amount that results, if that difference is less than 500, is the amount you pay to the Marketplace. Otherwise, the credit is: 500 for a family of four, or 150 for an individual The amount you pay to the Marketplace is in addition to the tax credit. For this purpose, your tax return with the Form 8962 will be processed as if you paid a non-refundable premium tax credit or premium tax credit advance payment. Your tax return must have sufficient information to determine the proper amount from a Marketplace plan. This amount is what is shown on your form 8962, for example, the sum of two payments from two different Marketplace plans. This amount must equal or exceed the amount that would have been shown on your return without this extra premium payment. Note : In 2023 the non-refundable premium tax credit advance payment amount for Plan A will be 20.00 more than for Plan A's 7,375 premium payment. There will be no refund of this additional premium payment. However, the amount of the credit for the premium tax credit advance payment on Form 8962 will be a non-refundable premium tax credit of 20 for the 2023 premium tax credit (PTC) for Plan A.

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