The official name of this form is 8962 Premium Tax Credit (PTC). If you took advantage of advance premium tax credits (APTC) to lower the monthly payments for your BeWell marketplace plan in 2024, you are required to submit the 8962 tax form to the IRS.
What is form 8611 used for?
Use this form if you must recapture part of the low-income housing credit you claimed in previous years because the qualified basis decreased from one year to the next or you disposed of a building, or your interest therein, and you did not follow the procedures that would have prevented recapture of the credit.
Why is the IRS requesting form 8962?
Premium tax credit (PTC). The credit provides financial assistance to pay the premiums for the qualified health plan offered through a Marketplace by reducing the amount of tax you owe, giving you a refund, or increasing your refund amount. You must file Form 8962 to compute and take the PTC on your tax return.
What is the general public use requirement for Lihtc?
What Is General Public Use? To be eligible for the housing credit, a residential rental project must be available to the public such that the general public may avail itself of the use of the property.
Does form 8962 affect my tax refund?
Complete all sections of Form 8962. On Line 26, youll find out if you used more or less premium tax credit than you qualify for based on your final 2024 income. This will affect the amount of your refund or tax due.
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People also ask
Who qualifies for the premium tax credit?
To be eligible for the premium tax credit, your household income must be at least 100 percent and, for years other than 2021 and 2022, no more than 400 percent of the federal poverty line for your family size, although there are two exceptions for individuals with household income below 100 percent of the applicable
Who fills out form 8453?
Taxpayers and electronic return originators (EROs) use this form to send any required paper forms or supporting documentation listed next to the checkboxes on the front of the form. Form 8453 is used solely to transmit the forms listed on the front of the form.
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