See link below for information specific to tax year 2020. Note: For tax year 2020 only, you are not required to attach Form 8962 with your 2020 tax return unless your PTC is more than the APTC paid on your behalf for 2020 (called net premium tax credit or net PTC) and you are claiming net PTC. Either way, you will complete Form 8962, Premium Tax Credit (PTC) and attach it to your tax return for the year. If you choose to have advance payments of the premium tax credit made on your behalf, you will reconcile the amount paid in advance with the actual credit you compute when you file your tax return for the year. Or, you can choose to get all of the benefit of the credit when you file your tax return for the year. When you enroll in Marketplace insurance, you can choose to have the Marketplace compute an estimated credit that is paid to your insurance company to lower what you pay for your monthly premiums (advance payments of the premium tax credit, or APTC). Those who have a lower income get a larger credit to help cover the cost of their insurance. The size of your premium tax credit is based on a sliding scale. A1. The premium tax credit is a refundable tax credit designed to help eligible individuals and families with low or moderate income afford health insurance purchased through the Health Insurance Marketplace, also known as the Exchange.
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