I followed the advice here to shut off fast boot in order to wake-on-LAN my Windows 8 machine when powered down. This worked for me which shows that the packet is being forwarded properly from my router and the network card of the computer is receiving that packet. However, I am not able to power on the computer if it is set to hibernate. This leads me to believe it is an issue with Windows. What could be going on here?
Quoting this page:
It seems that when Windows hibernates, the power management settings for Windows prevent it from completely turning loose of the NIC and letting BIOS manage the device for WOL purposes. Hope this helps.