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IRS 8962

Tax season 2019: file IRS Form 8962 for Health Insurance Credit

IRS Form 8962 relates to the premium tax credit which is a refundable credit that helps eligible individuals and families with low or moderate income afford health insurance purchased through a Health Insurance Marketplace. As a rule, the taxpayer will have received the advanced premium tax credit during the year.

What is IRS Form 8962?

Individuals and families file the IRS Form 8962 to calculate their amount of Premium Tax Credit and reconcile it with advance payment of the premium tax credit, which is a tax credit taken in advance to lower their monthly health insurance payment.

Who needs IRS Form 8962?

Only those who have health insurance through the Affordable Care Act Health Insurance Marketplace are eligible to use IRS Form 8962, and not everyone who has Marketplace coverage can qualify. If you used healthcare.gov or your state’s health insurance exchange to receive coverage, you may qualify.

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Individuals file IRS Form 8962 with their individual income tax return (Form 1040, Form 1040A or Form 1040NR) and if any of the following conditions apply:

  • The individual is using the Premium Tax Credit
  • The Advanced Premium Tax Credit was paid for by the individual or another individual in their tax family. A tax family consists of the individuals for whom you claim a personal exemption on your tax return.
  • The Advanced Premium Tax Credit was paid for by an individual including a taxpayer for whom the taxpayer told the Marketplace that he or she would claim a personal exemption, and neither the taxpayer nor anyone else claims a personal exemption for that individual.

What documents to file in conjunction with IRS Form 8962?

Any individual who obtained their health insurance through the Marketplace will receive the Health Insurance Marketplace Statement or Form 1095-A in the mail by the 31st of January, 2018. If they opted to receive an advance premium tax credit to help pay for their monthly health insurance premiums, that information will need to be reported on Form 1095-A and must also be included on IRS Form 8962 as part of their calculation for premium tax credit, to be included with their individual income tax return.

When is IRS Form 8962 due?

The Premium Tax Credit must be filed with individual income tax return forms (Form 1040, Form 1040A or Form 1040NR). IRS Form 8962 is due April 17, 2018.

What information should be provided in IRS Form 8962?

The taxpayer must indicate the following information:

  • Name of the taxpayer
  • Social Security Number
  • Annual and monthly contribution amount
  • Premium tax credit claim and reconciliation of advance payment of premium tax credit
  • Repayment of excess advance payment of the premium tax credit
  • Allocation of policy amounts
  • Alternative calculation for year of marriage

What should I do with IRS form 8962 after its completion?

The completed form together with individual tax returns should be forwarded to your local IRS office or filed electronically.

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