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What is a 8962 form?

Form 8962 is used to calculate and report your Premium Tax Credit (PTC), a benefit for individuals and families who obtain their health insurance through the Health Insurance Marketplace. This form is necessary for anyone who wants to claim the PTC or reconcile advance payments of the credit on their federal tax return. If you received a health insurance subsidy or want to claim the PTC, you'll need to fill out Form 8962. It ensures you receive the correct financial assistance for your health coverage.

What is a 8962 form used for?

Form 8962 is essential for tax purposes, especially for those who've received health insurance through the marketplace. Here's what it's used for:

  • To calculate the amount of your Premium Tax Credit.
  • To reconcile any advance payments of the Premium Tax Credit.

How to fill out a 8962 form?

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  1. 1

    Start by entering your personal information, including your name, address, and Social Security Number.

  2. 2

    Fill in the Annual Household Income and adjust it according to the instructions on the form.

  3. 3

    Calculate your Premium Tax Credit (PTC) using the information from your health insurance marketplace statement.

  4. 4

    Enter the amount of PTC you used during the year from your health insurance payments.

  5. 5

    Reconcile the credit you used with the amount you qualify for, and adjust any differences.

  6. 6

    Review the form for accuracy, ensuring all required fields are completed.

  7. 7

    Download the completed form, then print and mail it to the IRS with your tax return.

Who is required to fill out a 8962 form?

Form 8962 is filled out by taxpayers who received advance payments of the premium tax credit for health insurance. This includes those enrolled in a Marketplace plan.

The IRS uses Form 8962 to reconcile the credits received with the amount the taxpayer is eligible for, ensuring correct credit allocation.

When is a 8962 form not required?

Form 8962 is not required for individuals who did not receive health insurance through the Marketplace. If you were covered by other insurance such as an employer's plan, Medicare, or Medicaid, you won't need to complete this form.

Also, if you did not choose to apply for the premium tax credit during the year, Form 8962 isn't necessary for your tax return. This form is specifically for reconciling your premium tax credits, so without these credits, there's no need for the form.

When is a 8962 form due?

The deadline for Form 8962 is April 15, following the end of the tax year you're reporting for.

If April 15 falls on a weekend or a holiday, the due date is the next business day. This form is part of your federal tax return, so it follows the same submission timeline as your annual taxes.

How to get a blank 8962 form?

For those needing to complete Form 8962, our platform provides a blank template pre-loaded in our editor, allowing you to fill it out directly without the need to download the template elsewhere. Remember, PDF Guru enables you to fill out and download your form, but it does not support submitting it.

How to sign 8962 form online?

To sign form 8962 online with PDF Guru, first complete all required fields. Then, look for the signature section.

PDF Guru lets you create a simple electronic signature. Add this signature where indicated on the form before downloading.

Where to file a 8962?

Form 8962 must be submitted by mail alongside your tax return if you're not e-filing your taxes.

If you're e-filing, attach it digitally to your tax submission.

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Frequently asked questions

  • What is ACA explanation on Form 8962?

    The ACA explanation on Form 8962 relates to the Affordable Care Act (ACA) and helps calculate the amount of premium tax credit (PTC) you're eligible for, based on your income and family size. It reconciles any advance payments of the premium tax credit that were made to your health insurer with the actual premium tax credit you qualify for.

  • What happens if I don't file Form 8962?

    If you don't file Form 8962, the IRS may delay your refund, or you could be ineligible to receive advance payments of the premium tax credit in the future. It's essential to file this form if you received advance payments of the premium tax credit or if you're claiming the premium tax credit on your tax return.

  • Why is the IRS asking me for Form 8962?

    The IRS asks for Form 8962 to reconcile the difference between the advance premium tax credit payments made to your health insurer on your behalf and the actual premium tax credit you're eligible for based on your final income for the year. This process ensures that you receive the correct amount of credit.

  • Where to send Form 8962?

    Form 8962 should be filed with your federal income tax return. The specific address to send your tax return and Form 8962 depends on your state of residence and whether you are including a payment. Consult the IRS instructions for Form 1040 for the correct mailing address for your situation.

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