Form 8962, Premium Tax Credit, calculates the taxpayer's Premium Tax Credit and reconciles it with any Advance Premium Tax Credit (APTC) received.
Taxpayers are not required to reconcile the Premium Tax Credit.
The Premium Tax Credit is either advanced to the taxpayer or refunded through their income tax return as a refundable credit.
The tax family includes the taxpayer, spouse, and anyone who is claimed as a dependent on the tax return.
1 answer
The statement that is NOT true is:
Taxpayers are not required to reconcile the Premium Tax Credit.
In fact, taxpayers who receive the Advance Premium Tax Credit (APTC) are required to reconcile the amount they received with the Premium Tax Credit they qualify for when they file their tax return using Form 8962. If they do not reconcile, they may face penalties or may not receive their tax refund.
