Filing tax form 8962 is necessary for taxpayers who want to claim the premium tax credit (PTC). It provides the Internal Revenue Service (IRS) with the information needed to determine the taxpayer’s eligibility.
To submit this form, you will need to follow the guidelines set by the IRS. It will also help if you know the exact process for filing to avoid unnecessary delays. Besides, the penalties can be costly if you fail to file the form correctly.
Below, you will find all the information regarding filing tax form 8962 and whether you can fax it electronically.
Table of Contents
What Is Tax Form 8962?
If you are a taxpayer or a tax preparer, you may have encountered tax form 8962. It’s a form used by the IRS to help taxpayers determine their PTC eligibility. To fill out the form, you must provide information like your household income, tax filing status, and health insurance coverage. You must also indicate how much of the PTC you would like to apply for each month.
Filling out the form can be intimidating and confusing. Yet, it is an essential step toward maximizing the tax benefits that the IRS provides.
Who Should File Tax Form 8962?
Taxpayers who must submit Form 8962 with their tax return include those who:
- Enrolled in a health insurance plan through the marketplace and received the PTC to help pay their insurance premiums.
- Received PTC payments in advance to help pay for their monthly insurance premiums.
- Changed household income, family size, or insurance coverage during the year that affected their PTC eligibility.
- Received a health insurance marketplace statement showing the advance payments used to pay the insurance premiums.
- Needs to reconcile the advance PTC they received with the actual PTC amount they are entitled to.
Note: If you are eligible for the PTC, it is essential to carefully review Form 8962 to ensure that you accurately reconcile the advance PTC you received with the actual PTC amount. This way, you can avoid owing additional tax or having to request a refund of excess payments.
When Should Tax Form 8962 Be Filed?
In filing tax form 8962, you must adhere to the same filing deadlines as other income tax forms. You need to submit it by the April 15th deadline of the same tax year. Or, you can request an extension and submit the form by October 15th of the same tax year.
How to File Tax Form 8962 to the IRS
If you need to file Form 8962, you can submit it electronically using an IRS e-file provider or by mailing a paper tax return. If you decide to use an e-file provider, you must use one that the Internal Revenue Service authorizes. You can visit the IRS website to see their list of authorized providers. Or better yet, ask the provider for evidence to verify their authenticity.
Filing tax form 8962 using an e-file provider
To file Form 8962 using an e-file provider, follow these steps:
- Choose an e-file provider: Research and compare different providers to select the one that best meets your needs.
- Create an account: Take note of your login credentials and use them to sign in to the e-file provider you selected.
- Enter your information: Fill out the form with your personal and financial information.
- Upload Form 8962: The e-file provider will prompt you to upload or enter some information for Form 8962.
- Review and submit: Carefully review all the details provided for accuracy before submitting.
- Receive confirmation: Wait for the confirmation message indicating that your forms have been successfully submitted. You can also verify with the IRS directly by calling their toll-free number, 1-800-829-1040.
Note: Before submitting your return, make sure to review the e-file provider’s charges first. You would not want to end up paying more than you have to.
Filing tax form 8962 by fax
You may have stumbled upon the option to fax the form to 1-855-204-5020, but it does not guarantee that the IRS will accept it. Still, it may be viable, especially if you cannot mail or e-file the form. It is also best to fax it online using a reliable fax service instead of a traditional fax machine. This way, you can monitor the status of your faxes. You will also receive an email stating that your forms have been successfully sent.
On that note, you can use iFax to fax your tax forms securely and effortlessly. Here’s how it works:
- Log in to your iFax web dashboard or sign up for an account.
- Click the New Fax button at the bottom-right of the screen.
- Select Compose Fax.
- Enter 1-855-204-5020 as the recipient’s fax number.
- Click the clipboard icon to attach the tax form 8962 along with the tax return and cover page.
- Fill out the rest of the required fields.
- Click Send or schedule a date if you prefer to submit your forms at a later time.
- Monitor the status of your fax and send a request for confirmation if needed.
Effortlessly Fax Tax Forms Online Using iFax
Our online fax service offers a straightforward and secure way to submit tax forms like Form 8962. Instead of making a trip to the post office, you send the fax directly from your smartphone, laptop, or computer. You won’t need a bulky fax machine. Plus, you can be sure that your tax documents will reach the IRS without delays.
With iFax, you can secure your faxes with strong 256-bit encryption. It is also fully compliant with HIPAA, GLBA, and other privacy regulations. Not only that, but you will also receive detailed logs of each fax you send and receive.
So, why go through the trouble of sending tax forms by mail when you can fax them online? Create an account today to get started, or reach out to our sales team to request a free demo.