8962 instructions Form

2016 8962 instructions Form: What You Should Know

The law states that a 0 credit is available to people who cannot obtain coverage  because it is unaffordable. The following information is used to calculate the premium tax credit. A credit cannot exceed the value of medical expenses claimed on Form 1040 or Form 1040A. Falsifying information on your federal income tax forms is a felony punishable by up to five years in prison, and a maximum fine of 250,000, or twice the gross gain on the fraudulent return. O&M (other expenses) on Form 1040. The credit does not reduce the amount claimed on Schedule A or on Schedule C(2). Tax filing date. Enter the date or the return date of the year for which the premium tax credit is being calculated. If you file a joint, go to Line 12 in box 2 on Form 1040 to determine the credit. Form 985. O&M (other expenses) on Form 985. The credit decreases your income. If you are eligible, enter the amount of the credit on line 13 on Form 985. Employer sponsored individual responsibility If applicable, enter “Individual share of insurance premium.” Enter “Individual share of employer premium” or “Share of the premium” on line 10, and enter the name of an individual or the person's spouse on line 14 on Form 1040. Enter “Individual” on Line 16 on Form 5498 to deduct the credit in Part II of Form 941 (or line 35 on Form 942 if you are the insured) with Form 1040. Line 37 may be blank. Do not enter anything on this line. File Form 1040NR. File Form 1040 if the same person claims the credit on more than one Form 941 or on more than one Form 1040. File Form W-2 to claim an adjustment to the share of your compensation attributable to the premium tax credit. Do not File Form 941. O&M (other expenses). If the person is employed and the employee's EFC is 3,500 or greater, include the amount of both employer and employee premium costs on Line 21 of Form 1040 and line 23 on Form 1040A. Enter the amount of the credit on line 14 or lines 35 on 1040, 941, or 942, depending on when the employee obtained the credit.

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