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8962 turbotax 2024 Form: What You Should Know

Income-based Exchange and have income of 15,000 or less for 2024 or have income for an income of 32,501 or less, but have income for an income of 49,999 or less, if you have a household size of more than four people that is not less than six persons and the number of individuals for an income of 15,000 or less for 2024 or for an income for an income of 32,501 or less, but have income for an income of 49,999 or less. If you are an eligible individual, use your 2024 income tax statement as your estimate. The premium tax credit amount equals the amount you would have paid (plus a 20 percent penalty) if you had purchased coverage on Healthcare.gov or an Exchanges run by COBRA/SSA, the Public Health Service, or VA and received premium tax credits instead of tax credits. If you received a premium tax credit, use the premium tax credit amount for 2017. In some cases, you may file two versions of Form 8962, even though you have the same estimated tax liability. Example: If the first version of Form 8962, dated October 11, 2017, is dated September 12, 2018, you must file a modified version for the tax year. Form 8962 is an annual statement that you will file if you have an estimated tax liability before the end of October. The premium tax credit amount shown in the Form 8962 is for one calendar year, and is the amount of the premium tax credit you paid to save money in 2017. For 2018, you can file Form 8962 until the following February, but you can save up to two years by filing early. Do not use Form 8962 to figure out the amount of your premium tax credit for 2024 or 2024 or for the future. See IRS notice 2017-40, Premium Tax Credit—Form 8962 is not a replacement for your tax return. If you didn't get a tax credit in a previous year because the value of the credit was too high or too low, you may still be able to get a refund if the credit amount, if any, is less than the estimate from your 2024 tax return. Example You are single and make 19,000 for 2017. You are also enrolled in an exchange plan. Your estimated tax liability for 2024 (before any credit) is 15,000.

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