Which IRS form is utilized to claim the Premium Tax Credit?

The Premium Tax Credit is specifically claimed using Form 8962. This form is designed to help individuals reconcile their advance payments of the premium tax credit with the actual premium tax credit they are eligible for based on their final income tax return. When a taxpayer or their dependents enroll in a health plan through the Health Insurance Marketplace, they may qualify for this credit, which can help lower their monthly premiums.

Form 8962 requires detailed calculations about the taxpayer's annual household income and compares it to the federal poverty level, ensuring that the appropriate amount of credit is applied. When filing a tax return, individuals must complete this form to claim the credit and provide information on any advance payments received throughout the year.

While Form 1040 is the main individual income tax return form used, it is not specifically for claiming the Premium Tax Credit. Form 1099 relates to various types of income reporting, and Form 8862 is used to claim the Earned Income Credit after it has been disallowed in a previous year, neither of which pertains to the Premium Tax Credit.