If you use more of the PTC than your final taxable income allows, you may need to repay the difference when you file your taxes, but if you use less than you qualify for, you may receive the difference as a refundable credit on your return. Form 8962 The premium tax credit came about...
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Form W-2, also known as the Wage and Tax Statement, is a document an employer sends to each employee and the Internal Revenue Service (IRS) and shows income earned from an employer and the amount of taxes withheld from an employee's paycheck so taxpayers can file federal and state taxes....
However, if you do not want to have any of your credit paid in advance, you can claim the entire credit on your tax return, which will either increase your refund or lower the amount of taxes you owe.Premium Tax Credit AmountThe Affordable Care Act bases your credit amount on an income...
Form 1041 is used to report income taxes for an estate or trust. In the event that a death benefit or retirement distribution is paid out to a trust orestate, this income is recorded on Line 8: Other Income. In addition, a copy of the form 1099-R should be attached to the 1041 tha...
If you use TurboTax to prepare your tax return, the software will ask you the questions necessary to complete Form 8962 and attach it to your tax return for you. With TurboTax Live Full Service, a local expert matched to your unique situation will do your taxes for you start ...
High-income taxpayers, self-employed individuals, and those who have taxes to report that haven’t been included on other forms may need to file Schedule 2. This form might be filed with Form 1040, Form 1040-SR, or Form 1040 NR if you owe taxes on tips,