7206 or 8962... Or both?

[LisaJJ]

My spouse and I each have home-based businesses. Spouse also has a full-time job outside the home. For the first 4 months of 2023, we purchased health insurance through the marketplace until we were able to go on the employer's health plan. We received a 1095-A for those 4 months. Do we need to complete both forms 7206 and 8962?

[Vanessa A · Accepted solution]

It depends, if you want to claim a deduction for the premiums you paid to the marketplace while you were both self-employed, you will need to file form 7206.  Form 8962 must be filed anytime you received a Premium Tax Credit.  So, if you paid the full premium for your insurance with no credit, then you would not need to file form 8962.

[LisaJJ]

Thank you! You answered my question perfectly.