Best Bookkeeping Services in West Allis, WI

Recipients of the Healthcare Premium Tax Credit Must File Form 8962 – Did You Know?nnThe health insurance Premium Tax Credit (PTC) helps millions of Americans with affordable healthcare. Most people who qualify for the credit receive it as a reduction in their monthly insurance premiums, known as the Advance Premium Tax Credit (APTC). If you purchased coverage through the Insurance Marketplace, watch your mail for IRS Form 1095-A (Health Insurance Marketplace Statement). This form shows whether you received the APTC during 2023.nnThe IRS requires all recipients of the APTC to file a 2023 tax return that includes Form 8962 (Premium Tax Credit), even if they would not otherwise have to file. On this form, you will reconcile your APTC premium reductions with your actual PTC amount for the year. If your credit amount exceeds those premium reductions, you may claim the excess credit as either a decrease in your tax or increase in your tax refund. However, if your premium reductions were greater than your actual PTC, you may need to repay part of the APTC.nnIf you qualified for the PTC in 2023 but did not receive APTC premium reductions, you may be able to claim claim your entire credit amount on Form 8962. A tax professional can help you complete the form, and file your return electronically to receive your refund as quickly as possible.