What is the income limit for tax credit for health insurance?
What are the income limits for the premium tax credit in 2022? The Premium Tax Credit income qualification range is between $12,880 and $51,520 for individuals. For a family of four, income can be between $26,500 and $106,000.
Can I fill out Form 8962 online?
You can electronically file Form 8962, Premium Tax Credit (PTC), along with your federal income tax return. Filing electronically is the easiest way to file a complete and accurate tax return. To find out more about the premium tax credit, visit IRS.gov/aca.
Who can help fill out Form 8962?
Only those who have health insurance through the Affordable Care Act health insurance Marketplace (also known as the Exchange) are eligible to use Form 8962, and not everyone who has Marketplace coverage can qualify. If you used healthcare.gov or your state’s health insurance exchange to get coverage, you may qualify.
Do you have to repay premium tax credit for 2021?
For the 2021 tax year, you must repay the difference between the amount of premium tax credit you received and the amount you were eligible for. There are also dollar caps on the amount of repayment if your income is below 4 times the poverty level.
Who do I send my 8962 form to?
If your Letter 12C indicates that Form 8962, Premium Tax Credit was missing and not attached to your return, you will need to send the completed Form 8962 to the IRS. You do NOT need to amend your return, so there is no need to submit Form 1040-X, Amended Return.
What happens if I don’t file Form 8962?
What if I file but don’t include Form 8962? For any year when you received advanced premium tax credits, you are required to file a federal income tax return, including Form 8962. If you fail to do this — it is called “failure to reconcile” — you may be unable to apply for premium tax credits for the following year.