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Where to send 8965 Form: What You Should Know

Exemptions — SmartAsset.com Jan 28, 2024 — In Part II, enter each household member's shared responsibility amount, and that amount must exceed the amount they paid for the month, and the amount  for the year. For example, if a family member paid 5,250 with a 5,000 exemption (3,500 per member), they need to pay 3,850. The  total of the shared responsibility amount and exemptions amount (6,575) for the family is greater than the total of the shared responsibility amount (6,575) and the  exemption amount (4,500) for the household. Report the total amount on Line 12 of Form 8965. For example, if a family member paid 3,850 with a  (5,250 per member), they need to pay 5,950. They must report the total of the shared responsibility amount and exemption amount (7,575) on line 12 of Form 8965. For example, if a family member paid 3,850 with a total of 6,575. Their shared responsibility contribution was 5,835.  Report the total amount on line 12 of Form 8965. If the shared responsibility amount exceeds the exemption amount — that is, if you received a more than  maximum shared responsibility contribution — you must pay the excess on Form 1040 or Form 1040A and pay the difference to the  credit or refund the Marketplace paid you back. For example, if someone received a shared responsibility maximum contribution of 6,500 (7,150), they must pay up to 19,950 toward that payment. This person needed to report 20,950 on line 12 of Form 8965 due to the shared responsibility overpayment. Learn more in the form's instructions. You can also learn more and file your taxes using the IRS Smarted service and use your Smarted to file Forms 8965 or any other forms on IRS.gov. Feb 16, 2024 — The most you can use tax-free to pay for the maximum shared responsibility contribution is 6,850. March 15, 2024 — If, within five years of filing a tax return, the household doesn't receive more than the maximum shared responsibility contribution, you can claim the excess. Included in the shared responsibility contributions are the shared responsibility exemptions for 2017.

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