IRS Releases Form for Individuals Claiming the Premium Tax Credit

The IRS has released the 2014 Form 8962, Premium Tax Credit (PTC), the form that individuals will use to determine the amount of their premium tax credit and to reconcile the credit that they may claim with any advance payments made. Individuals must file the form with their Form 1040 series income tax return. The 2014 form is the same as the draft form that the IRS made available in July 2014.

Individuals may be eligible for a premium assistance credit to help them pay their health insurance premiums if they or family members obtain their coverage by enrolling in a qualified health plan through a state-based health Exchange (health insurance marketplace) and their household income for the taxable year is at least 100% but not more than 400% of the federal poverty line for their family size.

Individuals will need Form 1095-A, Health Insurance Marketplace Statement, which will be provided by the Exchange, to fill out the Form 8962. The IRS did not release the Form 8962 instructions or Form 1095-A alongside the Form 8962.

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