Everybody, I hope you all are doing well and welcome back to Michael's Matters. As you all may suspect by now, I am Michael. Today, as we inch day by day closer to the deadline for 2022 taxes, which by the way is going to be due by April 18, 2023, for most folks, or May 15th for those folks who are affected by natural disasters. So, if you live here in California or maybe Alabama or a couple of other states across the country that had natural disasters, they are going to extend those deadlines. But anyways, as we get closer to that deadline, if you had health insurance through a federal health exchange, so it's more like an Obamacare or healthcare.gov or here in California as it is called Harvard California, you're gonna have to fill out a form 8962. This form is super duper important because it is the form that will look at your income that you made in 2022 and then compare that to how much help you got during the year to help you pay for your health insurance plan. Finally, it will figure out if you are right on the money, then it's a wash. But if you made more money, you may have to owe some back or if you made less money, you might even get a bigger tax return than you anticipated. So today, we are talking about how to fill out your 8962 form where your 2022 taxes. Now, before we get to the video, if you like these videos, if you find them interesting, if you find them helpful or hey, if you find them usable, please don't forget to like and subscribe. It really does help the channel to grow, and you get notifications when our newest...
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How to prepare Instructions for Form 8962
About Instructions for Form 8962
Instructions for Form 8962 are provided by the Internal Revenue Service (IRS) and are designed to assist taxpayers in completing and submitting the form accurately. Form 8962 is used to reconcile the amount of advanced premium tax credits (APTC) received through the Health Insurance Marketplace with the actual amount the taxpayer is eligible for based on their income and family size. These instructions are primarily intended for individuals and families who have obtained health insurance coverage through the Health Insurance Marketplace and have received or wish to claim premium tax credits. Taxpayers should refer to these instructions if they need to reconcile the APTC amount received with their actual eligibility for premium tax credits. The instructions provide detailed guidance on how to complete various parts of Form 8962, including reporting household income, calculating the applicable threshold, determining the APTC repayment, and claimed premium tax credits. They also provide information on who must file Form 8962 and who should not. Moreover, the instructions provide clarification on key definitions, such as household income and applicable threshold, as well as how to allocate and allocate shared policy allocations among individuals with a shared policy. They also offer guidance on handling changes in circumstances that can affect premium tax credit eligibility during the coverage year. Taxpayers who are unsure about their eligibility for premium tax credits or how to accurately complete Form 8962 are recommended to review these instructions thoroughly or seek assistance from a tax professional.
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