Form 8962, Premium Tax Credit (PTC)
Reconcile the premium tax credit for health coverage bought through the Marketplace and figure the correct amount.
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About Form 8962
Form 8962 is used to figure and reconcile the Premium Tax Credit, which helps eligible people afford health insurance purchased through the Health Insurance Marketplace. The credit is based on household income and family size compared with the cost of coverage.
If you received advance payments of the credit during the year, those payments went directly to your insurer to lower your monthly premiums. This form compares the advance payments to the credit you actually qualify for, which can result in additional credit or an amount you must repay.
You complete the form using information from Form 1095-A, which the Marketplace sends you. Because the calculation depends on income, household size, and coverage details, follow the instructions carefully and attach the form to your return.
Who needs to complete it
- People who bought health coverage through the Marketplace and got advance credit payments.
- Taxpayers claiming the premium tax credit for the first time on their return.
- Anyone who received Form 1095-A from the Health Insurance Marketplace.
- Filers reconciling advance payments against the credit they actually qualify for.
How to fill out Form 8962
- 1Gather your Form 1095-A from the Marketplace before you start.
- 2Enter your household income and family size as directed on the form.
- 3Determine your applicable figure and the annual and monthly contribution amounts.
- 4Enter the monthly premium and second lowest cost silver plan amounts from Form 1095-A.
- 5Calculate the premium tax credit you are allowed for the year.
- 6Compare the allowed credit to the advance payments you received.
- 7Follow the line-by-line instructions on the official form to figure any repayment or net credit.
- 8Attach the completed form to your tax return.
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Frequently asked questions
What is Form 1095-A and why do I need it?
Form 1095-A is sent by the Marketplace and reports your coverage and premium details. You need its figures to complete Form 8962 accurately.
What does reconciling mean?
Reconciling compares the advance credit payments made to your insurer with the credit you actually qualify for based on your final income and family size.
Could I owe money because of this form?
Yes. If your advance payments were more than the credit you qualify for, you may have to repay some of the difference. If they were less, you may get additional credit.
Do I have to file this form?
You generally must file Form 8962 if you received advance premium tax credit payments or want to claim the credit on your return.