IRS

Form 8962

Rev. 2024

Premium Tax Credit

Used to reconcile the Premium Tax Credit for health insurance purchased through the Marketplace.

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Plain English

Form 8962 is how you reconcile (true up) the Premium Tax Credit if you bought health insurance through the Health Insurance Marketplace. If you got advance payments of the credit to lower your monthly premiums, this form compares that to what you actually qualify for based on your final income.

Quick Facts

Who: Individuals and families who enrolled in health insurance through the Affordable Care Act Marketplace and received advance Premium Tax Credit (APTC) to lower their monthly premiums.
What: Premium Tax Credit reconciliation form — compares the advance credit payments you received with the actual credit you qualify for based on your household income for the year.
When: Filed annually with Form 1040 by April 15.
Where: Attached to your federal tax return. Filed with Form 1040.
Why: The IRS requires reconciliation because the advance credit was based on your estimated income. If your actual income is different, you may owe back some credit or receive additional credit.
How: Enter household income, family size, monthly premiums (from Form 1095-A), and advance payments received. IRS calculates whether you owe repayment or get a refund.

Common Risks & Mistakes

  • •Not filing Form 8962 when you received APTC — IRS will not process your tax return, delaying refund
  • •Incorrect household income reporting — determines repayment amount; too low may mean you owe back credit, too high may mean you missed credit you qualify for
  • •Family size changes during the year — marriage, divorce, birth, or death affects credit amount
  • •Missing Form 1095-A from the Marketplace — needed to complete Form 8962 accurately
  • •Repayment cap confusion — repayment is capped based on income level (from $350 to $1,600+ for 2024 depending on income)

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Field-by-Field Guide

Part I
Annual Household IncomeREQUIREDamount

Modified AGI of all household members who must file a return.

Family SizeREQUIREDtext

Number of people in your tax household, used to determine Federal Poverty Level percentage.

Part II
Monthly Premiums & APTCREQUIREDamount

Monthly premium amounts and advance payments received (from Form 1095-A).

Part III
Repayment of APTCamount

If your actual income was higher than estimated, you may owe back some advance payments. Caps apply based on income.

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Disclaimer: We do not provide legal advice. We translate legal language into plain English and help you prepare for a conversation with a lawyer.