How to File Form 8962 for Premium Tax Credit. Step-by-Step Guide for 2023

Form 8962 is required with Form 1040 when a taxpayer has advanced premium tax credits paid as part of their enrollment in a qualified health plan through the insurance marketplace.
When taxpayers receive Form 1095-A, they must use the information provided to reconcile their premium tax credit on Form 8962. The taxpayer may be entitled to an additional credit or have to repay some of that advanced credit.
For a 2022 Example: • How to File Form 8962 ...
For a 2021 Example: • IRS Form 8962 Premium ...
For a larger database of tutorials, please visit our website and search for your question:
knottlearning.com/
DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Self-help services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorney-client or confidential relationship. This video does not include information about every topic or issue related to these informational materials.
#Form8962 #Form1095A #HealthInsurance

[@francievasquez5839]

I was ready to cry filling out this form before finding your video and then I was done within 15 mins. THANK YOU.

[@destinyglover7819]

Bro same I was so stressed out trying to fill out this stupid form really glad I found this video, but I wish he would have explained the second page at least

[@ralber01000]

A sincere thank you !! You saved my Father's Day. It would have taken me all day to figure out

[@JasonDKnott]

Glad to help!

[@charleslewis-sj2jy]

OMG ... I have done my own personal taxes the last several years since semi retiring and closing the business and therefore need of my lom=ng time business / personal accountant .... I have never gotten this cursed 8962 right and always got a letter / penalty / etc... you made it soooo easy ... really thanks alot Sir!!

[@zulmafeliciano7312]

Jason, I thank you very much for the step-by-step instructions. You had saved me. This was my first time in getting the Health Insurance and paying it out of pocket due to my job insurance was too expensive and only provided Health insurance only. Plus, the details and the clear explanation, you had provided. Now, I have a much and clear understanding and the breakdown. Once again thank you very much.

[@kristenannhasler]

Thank you so much! Super easy to follow--I've never had to fill this out before and feel confident after following your tutorial.

[@sflasaint811]

This helped me so much and since I overpaid my ACA healthcare it helped on my tax owed. I was able to use schedule 3 from the 8962 form on the 1040. Thanks for making it easy to understand. I never would have figured it out from the IRS instructions alone.

[@cosmerubalcaba8871]

Very helpful. QUESTION: What if the individual filing was under the parent's health insurance and the IRS is requiring the individual to file this form 8962. Would you use the parents 1095-A to in all these numbers?

[@sobrevida157]

Thanks thanks thanks so much! Clear, concise, great pace . . . beautiful job!

[@sewndebisdream6953]

Awesome! I'm working on this now. You are saving us so much worry!

[@damiangaitan7870]

As always, thank you for your content!

[@JasonDKnott]

Thanks! Happy to help.

[@susanvillarreal5319]

Thank you so much for this video. It really helped. My tax person forgot to add my Medical insurance and she in the hospital critical condition, health reason and she can't help me anymore . Cross my fingers I did this correctly. Thanks again.

[@justanotherday3241]

Impressive, truly immpressive tutorial. Thank you.

[@JasonDKnott]

Thank you for the kind words. Glad to hear it was helpful

[@nyethuesen6476]

Excellent walk-thru for this form. Load off my shoulders. Thanks for the help.

[@JasonDKnott]

Happy to help!

[@braimaberete7044]

This was very helpful. Thanks a lot!

[@JasonDKnott]

Glad it was helpful!

[@gentao2005]

Thank you for excellent explanation! Love your channel!! From time to time, I have questions how this works. Schedule C filer has almost $0 or less than $2 health insurance dues per month. However, when she gets 1095, it has more amount in it. Her income is about $80k single. Last year she had credit from PTC. My gut feeling is something off but haven’t been able to figure it out yet. Any thoughts or input from you is greatly appreciate it 🙏

[@ladyr1708]

Thank you! This was very helpful in helping my mom fill this out.

[@JasonDKnott]

Glad it was helpful!

[@steveortiz5940]

Thank you

[@agakoszyk2441]

Thank you. Great tutorial

[@JasonDKnott]

Glad it was helpful!

[@BrittSquerre]

Thank you so much! 🙏🏽 Your videos are very helpful. I will continue watching them 🫶🏼

[@805sk8mom]

Thank you!

[@JasonDKnott]

You're welcome!

[@cmaurer40]

Extremely helpful video...thank you. Do you have a video on what to do if you overpaided for health insurance...ie. line 24 is larger than line 25?

[@user-qd1xm9pd8l]

Thank you so much for this video. Very clear and easy to follow.❤️ First time I will try to do my taxes(fingers crossed). Sold my business and 1040 should be easier (I hope).😬

[@casillashouse1]

Jason, thank you for the video and explanations. What is the process if I need to allocate out the husband portion because the mother and the kid filed separately but they all share the same policy?

[@lloydsamaroo9792]

Good morning Jason D. Knot, I like to find out if my mom and dad names are both on the Form 1095-A, do I have to put both of them names on the Form Form 8962 and both of there social security numbers on the Form 8962, thank you so much for doing this video Sir.

[@sylvesterscott4229]

Hi Jason, Thank you for your video, I got a notice from IRS and this video has been helpful but I’m confused at some point. Here is my question; Line 24 is greater than Line 25 and I entered the difference on line 26. With this should I ignore lines 27,28 and 29? Also, since I’m filling as a HOH like John and claiming my son, am I to leave part IV and V blank? Please I will appreciate your response!

[@maricelamorales-rq6zv]

if i only had for 6 months when i do 8b do i only divide by the 6 months or do i still do the 12 months

[@sigismundsanyaolu8881]

Thanks for the info. What if I don't qualify for an advance premium tax credit due to high income, I am self employed paid my premium with after tax money through the marketplace. How do I deduct my premium paid on my 1040

[@hectorsantana3421]

Thank you. Life saver.

[@JasonDKnott]

You're welcome!

[@jeannettekelbaugh3216]

thank you for your tutorial. Very helpful. Do you have a tutorial for shared household plans?

[@nyethuesen6476]

Thanks!

[@JasonDKnott]

Thanks for the support!

[@terrelljenkins9716]

Quick question Jason… Thanks for the help btw. Awesome video… But let’s say LINE 28 is BLANK and LINE 27 has an amount. What would u put in LINE 29? Would u leave it blank as well? Or carry over LINE 27?

[@sallychaung2493]

On Form 8962 section 8b it says to divide by 12. However my 1095-A was only for Line 19 thru 23 (August thru December = total 5 months). Do I still divide by 12 (as in 12 months)? If so, it came out a negative number. Should that be correct?

[@janetbennett-mz4ts]

if in the 1 year he only had insurance for 9 months does he still divide 8b by 12 or 9?

[@raeannefenton8597]

If you have no income, thus no 1040 statement, do you file as zero income, resulting in a zero % on the poverty table line 5?

[@DiamondCrossMusic]

if 0 showing form 8962 ,do we still need to go to schedule 2 1040??

[@umangpatel7040]

How about part 4 and part 5? if they are mandatory? if the family size is 1 and I just have one 1095-A?

[@jamahlkjjzzzxxxxasiaking5734]

What if line 17 on schedule 2 of your 1040 form is blank how do I file the 8962 form

[@marykaymonson5054]

I am divoriced, remarried, and ex wife has mktplc insurance listing my son on her 1095A form. I have veterans benefits so no mktplace insurance. My 23 tax return was rejected wanting form 8962 ...one of my dependents is on mktplace on exs 1095A info. Or a pdf file with aca explanation. Do i just send them a copy of her 1095A?? Its so freaking confusing.

[@carlamcdougald7546]

Where did the number in Column F come from?

[@cheyennenez3279]

So part 4& 5 of this form if I am only have myself and single I don't need to fill out part 4 &5?!

[@juanwilliams3111]

why am i the policy holder on 1095-A if someone in my household is in the marketplace, but I have it from my job?

[@FightingGravity2071]

Huge help, thank you!

[@harrysanchez8708]

Mr. Knott, I am due a tax credit of $15,000 for the solar panels we installed. However, my wife and I believe we will owe money to Uncle Sam since we have no deductions or dependents. I intended to apply my tax credit towards the panels. Will owing the government affect my tax credit? thank you, harry

[@carlamcdougald7546]

What about the second page of 8962 Parts 4 and 5?

[@user-pv7ut2bi5q]

Hi, What's is your income was 524,628. % will be below the poverty line

[@JordanValderrama-mb6tp]

My line 24 = 0 line 25 831 does that mean my line 27 is negative 831 ?

[@adambilge2834]

Thanks a million or actually $109 refund.

[@jjll1521]

Wait subtract C from B

[@DianLaganelli]

what if i got married at the end of the year?

[@weirdphax5406]

F it

[@carlamcdougald7546]

Please slow down!! You are going way too fast for me to keep up. You have my head spinning!!

[@yassfit518]

Hello Mr Jason Please how can I contact you I try to call you and send you an email but no response. I need your help to fill my tax return for my LLC.