8962: Premium Tax Credit (PTC) (2024)
Federal · IRS · Used for tax years 2024
Form 8962 calculates your Premium Tax Credit (PTC) and compares it with advance payments of the credit. It determines any net credit or repayment of excess advance payments and is attached to Form 1040, 1040-SR, or 1040-NR.
Who files this form
For tax year 2024, file Form 8962 with your income tax return if:
- You are claiming the premium tax credit (PTC).
- Advance payments of the premium tax credit (APTC) were made for you or someone in your tax family.
- APTC was paid for someone you told the Marketplace would be in your tax family, but neither you nor anyone else included that person in a tax family.
You must file a return and attach Form 8962 in these situations even if you otherwise would not have to file. Use Form 1040, 1040-SR, or 1040-NR, not Form 1040-SS.
If someone else enrolled a member of your tax family and APTC was paid for that person's coverage, you must reconcile those payments. Get a copy of Form 1095-A from the person who enrolled them.
If another taxpayer claims you as a dependent, that taxpayer files Form 8962 for your coverage. You do not need to file it yourself.
When it's due
- January 31, 2025, for tax year 2024 coverage: The Marketplace must provide or send Form 1095-A to the individual or individuals identified in the enrollment application by this date.
The supplied text does not give a calendar filing deadline for the 2024 Form 8962.
What you'll need
Have these documents and details available:
- Form or Forms 1095-A: You need the Marketplace coverage, premium, and advance payment information to complete Form 8962.
- Your 2024 income tax return: Use it for your name, SSN or ITIN, tax family size, and income information.
- Relevant dependent income information: Include modified AGI for dependents required to file because their income meets the filing threshold. Do not include dependents filing only to claim a refund of withheld or estimated tax.
- Form 2555 or Form 8814, if applicable: The modified AGI worksheets call for information from these forms in applicable cases.
- Shared-policy details, if applicable: Part IV asks for the policy number, the other taxpayer's SSN, allocation months, and allocation percentages.
- Employer coverage information, if applicable: Form 1095-C may help you evaluate an employer coverage offer. If you had a QSEHRA, your employer should have reported its annual permitted benefit in Form W-2, box 12, with code FF.
How to file
Attach Form 8962 to your Form 1040, 1040-SR, or 1040-NR.
- Enter any net PTC from Form 8962, line 26, on Schedule 3 (Form 1040), line 9.
- Enter any excess advance PTC repayment from line 29 on Schedule 2 (Form 1040), line 1a.
The supplied text does not provide a mailing address or e-file directions. Instructions and the latest information are available at IRS.gov/Form8962.
Common mistakes
- Using a voided or outdated Form 1095-A: Do not use a Form 1095-A marked VOID or the earlier form it voids. If you receive a CORRECTED form, use it instead of the original.
- Not reporting changes to the Marketplace: Promptly report changes in income, address, employment, other coverage eligibility, or family composition. Updating advance payments can help you avoid owing tax when you file.
- Assuming income above 400% of the federal poverty line rules out the credit: For 2024, taxpayers above that level may still qualify for a PTC.
- Missing the QSEHRA adjustment: An affordable QSEHRA means no PTC for that month. If it is unaffordable, reduce the monthly PTC, but not below zero, by the monthly permitted benefit. Enter “QSEHRA” in the top margin of page 1 to explain the entry and avoid processing delays.
Questions people ask
What is the difference between PTC and APTC?
PTC is the tax credit figured on your return. APTC is paid during the year to your insurance provider to cover part or all of your premiums. Form 8962 compares the two amounts.
What happens if my advance payments differ from my credit?
If APTC exceeds your PTC, you must repay the excess, subject to certain limitations. If APTC is less than your PTC, the difference can reduce your tax payment or increase your refund.
What if I have not received Form 1095-A?
If you expect a Form 1095-A for 2024 coverage and have not received it by early February, contact the Marketplace.
Can I claim the PTC if I am married filing separately?
Generally, no. An exception may apply to victims of domestic abuse or spousal abandonment who meet the instructions' requirements. Qualifying taxpayers must check the box on line A.
Does insurance purchased outside the Marketplace qualify?
No. Coverage purchased in the individual market outside the Marketplace does not qualify for the PTC.