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8962 instructions Form: What You Should Know
What if Premiums Didn't Go Up? If your Marketplace premiums didn't go up, you do not have to pay a penalty. Instead, apply your excess over the amount of your premium tax credit. This applies to people who enrolled in a qualified health plan in 2018, and also to people who enrolled in a qualified health plan in 2023 if they bought a qualified health plan See instructions at line 26 of Form 8962. Calculate your excess on line 27. If you used more than 90% of your PTC, this is your excess over the 2023 premium tax credit. This is the amount of your excess over the credit for your 2023 enrollment. How to Pay Your Premium Tax Credit if the Tax Credit Was Refunded! If the tax credit you used went back to you, you may need to pay the original tax credit amount you paid, plus a federal subsidy to cover the reduced amount you were required to pay. See this page for more information about refunds and payments of tax credits: Refunds and payments of tax credits — Healthcare.gov People in the individual market are only required to report and pay taxes on the amount of premiums paid in the year, or on a premium tax credit for health insurance purchased, or on a premium tax credit and a tax credit offset, or on a refundable tax credit or refundable tax credit offset. Tax law provides a partial exception to the requirement to pay taxes on premiums by individuals who enroll in a health insurance Marketplace. If you are in the non-group market, and you pay your premiums in a year, you are not required to file Form 8962. However, see next page for filing deadlines, or the individual market here: What if We Didn't Have Medicaid or Medicare? If you didn't have Medicaid or Medicare before applying for a Marketplace coverage or a qualified health plan, you are not entitled to a Marketplace subsidy, or qualified health plan may not be offered to you, and you will not be allowed to qualify for a premium tax credit if you do get coverage. Tax law permits a portion of the premium tax subsidy available to individuals who did not have Medicaid or Supplemental Security Income (SSI) insurance coverage to also be used to purchase Marketplace plans without an increase in out-of-pocket cost for the beneficiary.
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