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I am trying to complete Form 8962 for Premium Tax Credit and…

Customer Question
I am trying to...

I am trying to complete Form 8962 for Premium Tax Credit and have a question about Part II Lines 12-23

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

My question is concerning calculations.. if i only had market place insurance 2 months in 2017.. do i fill in “0” for the remaining lines in columns A & B?

Accountant's Assistant: Is there anything else the Accountant should be aware of?

Also do I complete the entire table’s calculations using the “0” values for the other 10months resulting in a credit for kine 24?

Submitted: 4 months ago.Category: Tax
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Answered in 27 minutes by:
3/10/2018
Tax Professional: Dr. Fiona Chen, Certified Public Accountant (CPA) replied 4 months ago
Dr. Fiona Chen
Dr. Fiona Chen, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,190
Experience: Former IRS Revenue Agent
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I'm Fiona, former IRS revenue agent. I am looking at your question and will get back to you soon. Fiona Chen, MPA, Ph.D., CPA, ABV, CFF, CITP,IMTA

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Customer reply replied 4 months ago
Thank you!
Tax Professional: Dr. Fiona Chen, Certified Public Accountant (CPA) replied 4 months ago

Dear Customer,

"if i only had market place insurance 2 months in 2017.. do i fill in “0” for the remaining lines in columns A & B?"

Yes. Fill out this part based on the Form 1095-A you received.

"Also do I complete the entire table’s calculations using the “0” values for the other 10months resulting in a credit for kine 24? "

Yes. Follow the instruction.

Regards,

Fiona

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Customer reply replied 4 months ago
when i do the calculations for columns E and F.. i will subtract the values from “0” to get negative numbers for the rest of the table?
Tax Professional: Dr. Fiona Chen, Certified Public Accountant (CPA) replied 4 months ago

Dear Customer,

E says smaller of the two. There should not be a negative number.

F says "Monthly advance payment of PTC (Form(s) 1095-A, lines 21–32,

column C)"

There should not be any calculation and should not have negative numbers.

Regards,

Fiona

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Customer reply replied 4 months ago
Ok thanks..
In Part IV allocations section..
im not sure of how to complete this..
Line 30 g, f, e? With my situation i had marketplace insurance January and February then Medicare for remainder of 2017.. im married filing jointly
Tax Professional: Dr. Fiona Chen, Certified Public Accountant (CPA) replied 4 months ago

Dear Customer,

If in the two months when you had the policy and your policy included someone else, you allocate your policy [premium credit paid to you] to that person in this section. If not, you don't have to fill out.

If you got married in 2017, you can try to use part V to see whether the alternative method is more beneficial to you.

Regards,

Fiona

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