Form 8962

Form 8962 is a form that must be filed together with your federal income tax return for a given year if you got an advanced premium tax credit through the Marketplace. If you need help with what to do, check out this guide to learn more about the form.

Form 8962 is a form that must be filed together with your federal income tax return for a given year if you got an advanced premium tax credit through the Marketplace. Premium tax credit (PTC) is a tax credit designed to help families pay for health insurance and is an option offered by the Affordable Care Act.

The tax credit is based on the amount of your household income, the cost of health insurance, and the size of your family. If you qualify for the PTC, you may receive a refund when you file your taxes. It is important to understand how to fill out the form correctly to get the most benefit from it.

You can contact the IRS for assistance if you have any problems filling out Form 8962. You may also download or fill out the form below, which is available in PDF form. This version is more convenient and easy to fill out. 

If you receive more annual advance premium tax credit (APTC) than you are entitled to, you may need to repay the difference when you file your taxes. However, you do not have to file a tax amendment. Instead, you can claim the extra APTC as a refundable credit when you file your taxes.

How to Fill Out Form 8962?

There are several parts of Form 8962 that you need to know about:

  • Part I records annual contributions. It also includes the SSN field. This part of the form can be used to determine combined modified AGI for exemptions.
  • Part II calculates monthly premium amounts. It also includes the allotment. This part of the form is used for married taxpayers.
  • Part III calculates the excess advanced premium tax credit payments. It includes the SSN field, the percentage of SLCSP, and the policy number. This part of the form is for married taxpayers only.
  • Part IV reports the number of individuals in the tax family. It includes the number of individuals who claim personal exemptions. This part of the form is used for individuals who are claiming dependents. It is not used for those who are claiming estimated tax.
  • Part V reports the number of individuals who are eligible for the Premium Tax Credit. It includes the modified AGI of individuals who are required to file taxes. The modified AGI of dependents who are claiming estimated tax can be excluded.
  • Part VI reports the number of individuals eligible for the PTC. It includes the modified AGI of the applicable taxpayer. It does not take into account the percentage of the Federal poverty line for the tax family. This part of the form is used for households that are below the federal poverty line.
Form-8962-TaxUni
Form 8962 1

Instructions for Form 8962 2023

To determine if you qualify for advance premium tax credits, you must complete Form 8962. To calculate your advanced premium tax credit amount, you will need to fill out Part II of Form 8962. Part II includes a worksheet that is used to determine the amount of modified adjusted gross income (MAGI) for exemptions. 

If you have a family size greater than four, your modified AGI must be based on the size of your family.

Lines a through d are based on the number of individuals in your family. The amount of advanced premium tax credit (APTC) you receive depends on your family size and the cost of health insurance.

  • Lines 30 through 33 are based on qualified health plans. You must complete all the lines in the appropriate columns to make an allocation. 
  • If you need to make more than four allocations, you must complete line 34
  • If you have more than one qualified health plan, you must complete lines 31 through 33 for each separate allocation.
  • Line 24 is Total PTC. You will receive a refund if your advanced premium tax credit exceeds your premium tax credit. 
  • However, if you have excess advanced premium tax credit payments, you need to repay the amount listed on line 27. If you have repaid the amount, you don’t need to file a tax amendment

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