IRS Form 8962 walkthrough (Premium Tax Credit)
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- Опубликовано: 15 фев 2024
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EDITOR'S NOTE: It was pointed out to me that I said, "Subtract B from C," when referring to the column entries in Part II. This should be, "Subtract C from B," instead.
Please feel free to check out our article, where we've written step by step instructions to help you walk through this tax form! www.teachmepersonalfinance.co...
If you’re looking for tutorials for other IRS Forms that you can file directly through the IRS website, check out our free fillable forms page: www.teachmepersonalfinance.co...
Here are links to articles and videos we've created about other tax forms and schedules mentioned in this video or its accompanying article:
IRS Form 8814, Parent’s Election to Report Child’s Interest and Dividends
Article: www.teachmepersonalfinance.co...
Video: • IRS Form 8814 walkthrough
IRS Form 2555, Foreign Earned Income
Article: www.teachmepersonalfinance.co...
IRS Schedule 2, Additional Taxes
Article: www.teachmepersonalfinance.co...
Video: • IRS Schedule 2 walkthr...
IRS Schedule 3, Additional Credits & Payments
Article: www.teachmepersonalfinance.co...
Video: • IRS Schedule 3 walkthr... 
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This was very, very helpful. Thank you!
Thank you for your great video explanations.
Excellent help - thank you! This form is a nightmare, particularly if you attempt to read the instructions.
If then do this else do that!
Hi if have an employee who was my babysitter and worked all year round. I paid her $9870 in cash total for the year but I did not give her 1099 or W2 nor did I withhold any taxes. She just told me that she filed her taxes and placed that income in HouseHold Employee on the 1040, which form do I have to do now to avoid problems or fines with the IRS. Please help
Do you have to put your name as last name first then first name?
The instructions state to enter your name exactly as it appears on your tax return. Generally, this means last name, first name, middle initial (if applicable).
What if you are single with no dependents.. which one would I check for part 2 on 8962 forms, and would I still have to allocate the percentages on part 4.. somebody pls help
For Part II, if you were single all year, with no dependents, then it seems that you would check 'No' for Line 9, then answer 'Yes' or 'No' to Line 10. If your situation is less straightforward (i.e. you were divorced during the year or you had a dependent at some point), then you may need to refer to the tables in the IRS instructions for further guidance.
If you were enrolled in a qualified health plan all year, you can check yes, then skip down to Line 24. If not, you'd have to complete the monthly calculation lines (Lines 12-23).
For Part IV, if you checked 'No' for Line 9, it does not appear that you need to complete Part IV.
Hello! Sorry, I just got letter from IRS that my 8962 form part 4 is not complete and I need to send it to them again to get my tax refund, but I don't know how can I fix it?!
I'm not sure that I can help you with this, since I can't see your Form 8962. However, if you're having to complete Part IV, then you probably need to make sure that it matches up with the information being reported by the other taxpayer(s) that you're allocating your policy or policies with. I would also double-check the instructions on Line 1 or Line 9 to see if you have to complete Part IV in the first place.
Finally, if the letter contains a contact phone number for the IRS, I would consider giving them a call to discuss your form in more specific detail.
@@teachmepersonalfinance2169 Is it possible to send my 1095 and form 8962 to you?
What if line 24 is zero and line 25 is 831
Line 24 is the amount of premium tax credit that you're allowed for the tax year. Line 25 is the amount of advance premium tax credit that you've already taken.
So if Line 24 is 0, but you've already received $831 in premium tax credit, then you'll need to pay that back. You might want to go back to make sure that your prior calculations are correct.
It’s subtract C from B, not B FROM C
Thank you for pointing that out!