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Form 14950 (Rev 6-2024)

Form 14950 (Rev 6-2024)-2025

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The document is a verification notice from the IRS regarding eligibility for the Premium Tax Credit (PTC). It outlines the necessary documentation taxpayers must provide to confirm their eligibility, including Form 8962, Form 1095-A, and proof of health insurance premium payments. The notice emphasizes that only those who purchased health insurance through a Health Insurance Marketplace are eligible for the PTC.

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How does the premium tax credit affect my tax return?

Claiming a net PTC will lower the amount of tax you owe or increase your refund to the extent it is more than the amount of tax you owe. See the Coronavirus tax relief section on this page for information specific to tax year 2020.

Is premium tax credit taxable income?

People who receive advance payments of the premium tax credit will need to file taxes for the year in which they receive them. For example, someone who received advance payments of the credit for the 2024 calendar year will need to file a tax return and reconcile their APTC for 2024 before the April 2025 deadline.

How does a tax credit affect your tax return?

A credit is an amount you subtract from the tax you owe. This can lower your tax payment or increase your refund. Some credits are refundable they can give you money back even if you dont owe any tax. To claim credits, answer questions in your tax filing software.

What happens if I dont fill out form 8962?

Taxpayers who are required to reconcile APTC and who file on paper but do not include Form 8962 will generally receive letters from the IRS. Because business rule F8962-070 only applies to electronically filed returns, these paper-filed returns will be accepted and the IRS will generally follow up by mail.

Why is the IRS asking me for 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.

Why do I have to pay back my health insurance tax credit?

If your income is more than what you told us on your application, you may have to repay some or all of the advanced premium tax credits that you got.

Is the premium tax credit taken out of my tax return?

The credit is refundable because, if the amount of the credit is more than the amount of your tax liability, you will receive the difference as a refund. If you owe no tax, you can get the full amount of the credit as a refund.

Can the premium tax credit increase your refund?

If you choose not to get advance credit payments, the full amount of the premium tax credit you are allowed will lower the amount of tax you owe for the year, or increase your refund to the extent your premium tax credit is more than the amount of tax you owe.

Form 14950 (Rev 6-2024)-2025

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