Purpose of Form Use Form 8962 to figure the amount of your PTC and reconcile it with APTC. You may take the PTC (and APTC may be paid) only for health insurance coverage in a qualified health plan (defined later) purchased through a Health Insurance Marketplace (Marketplace, also known as an Exchange).
Why do I have to pay back my health insurance tax credit?
To re-iterate, if you estimated perfectly in advance, you dont pay anything back at tax time. If you under-estimated your income in advance and got more premium tax credits than you deserved, then the worse that happens is you have to pay back all the extra advance premium tax subsidy you received.
How does the tax credit work?
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 is pub 974?
Publication 974 covers the following general topics: What is the premium tax credit (PTC)? Who must file Form 8962. Who can take the PTC. Additional information to help you determine if your health care coverage is minimum essential coverage.
Do tax credits get refunded?
Some tax credits are refundable. If a taxpayers tax bill is less than the amount of a refundable credit, they can get the difference back in their refund. Some taxpayers who arent required to file may still want to do so to claim refundable tax credits. Not all tax credits are refundable, however.
pub974
Pub 974 Premium Tax Creditself-employed health insurance deduction and ptc in pub. 974Pub 974 for 2024Form 974Pub 974 2023Form 89622022 Pub 974publication 974 will explain how to correct part iii, column b, of your 1095-a
Security and compliance
At DocHub, your data security is our priority. We follow HIPAA, SOC2, GDPR, and other standards, so you can work on your documents with confidence.
Premium tax credits are available to people who buy Marketplace coverage and whose income is at least as high as the federal poverty level. For an individual, that means an income of at least $15,060 in 2025. For a family of four, that means an income of at least $31,200 in 2025.
446 5e
About Publication 974, Premium Tax Credit (PTC)
Publication 974 covers the following general topics: What is the premium tax credit (PTC)?; Who must file Form 8962. Who can take the PTC.
Jan 19, 2017 You may have to use the worksheets in Pub. 974 instead of this worksheet if the insurance plan established, or considered to be established
Cookie consent notice
This site uses cookies to enhance site navigation and personalize your experience.
By using this site you agree to our use of cookies as described in our Privacy Notice.
You can modify your selections by visiting our Cookie and Advertising Notice.
