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Begin with Part I, where you will enter the names and Social Security Numbers (SSNs) of individuals who have received a Marketplace-granted coverage exemption. Ensure you also include the Exemption Certificate Number for each individual.
Proceed to Part II if you are claiming a coverage exemption based on your household income. Simply check the box indicating that your income is below the filing threshold.
In Part III, list any additional individuals in your tax household claiming an exemption. Fill in their names, SSNs, and specify the type of exemption along with the months they were covered.
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Part I is used to report exemptions granted by the Marketplace. The taxpayer would have applied for one and will have an Exemption Certificate Number that was issued by the Marketplace.
Does IRS still require proof of health insurance?
Health care coverage documents You are not required to send the IRS information forms or other proof of health care coverage when filing your tax return. However, its a good idea to keep these records on hand. This documentation includes: Form 1095 information forms.
Why do I have to pay to file form 8962?
Youll need to use Tax Form 8962 to determine your eligibility for the PTC. If you use more of the PTC than your final taxable income allows, you may need to repay the difference when you file your taxes, but if you use less than you qualify for, you may receive the difference as a refundable credit on your return.
Is the shared responsibility payment still in effect?
Shared responsibility payment (eliminated as of tax year 2019) Individuals without minimum essential coverage were required to make the shared responsibility payment until the end of tax year 2018, unless they qualified for exemptions.
Does TurboTax automatically fill out form 8962?
TurboTax will automatically fill out Form 8962 once you enter your Form 1095-A. You have to include Form 8962 with your tax return if: You qualified for the Premium Tax Credit in 2024. You or someone on your tax return received advance payments of the Premium Tax Credit.
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Beginning with tax year 2019, the Shared Responsibility Payment no longer applies and Form 8965 is unavailable. Coverage Exemptions can be claimed for specific reasons when the taxpayer meets the eligibility requirements for claiming these exemptions.
What does shared responsibility payment mean from the IRS?
The law says citizens, employers and government share the responsibility of keeping everyone covered, so the penalty for going without insurance has been dubbed the shared responsibility payment.
Related links
f8965--2016.pdf
Complete this form if you have a Marketplace-granted coverage exemption or you are claiming a coverage exemption on your return. Part I. Marketplace-Granted
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