Marketplace Health Insurance & 2016 Taxes: 3 Tips
Revealed on January 20, 2017
As you put together to file your 2016 federal taxes, it’s vital to know that reporting details about your well being protection is a part of the tax submitting course of. Should you had Market medical health insurance in 2016, take a look at these 3 fast tax ideas:
Type 1095-A and “reconciling”
- Search for Type 1095-A within the mail. If anybody in your family had a Market plan in 2016, we’ll mail you Form 1095-A, Health Insurance Marketplace® Statement by early February. Verify the knowledge, and if every little thing is correct, retailer it in a secure place along with your different medical health insurance and tax varieties. You’ll use it while you file your taxes. If you have an online Marketplace account, it may be there too.
- Earlier than you file, be certain that your 1095-A is correct. If it’s not, contact the Marketplace Call Center. Verify issues like your protection, family, and premium data. If the shape has errors, you will get a brand new one. Should you file with the outdated kind, chances are you’ll have to file an amended tax return utilizing your corrected 1095-A.
- Make sure you “reconcile.” Should you had a Market plan and used to decrease your month-to-month fee, you’ll should these funds while you file your federal earnings taxes. You’ll use IRS Type 8962 to check the quantity of premium tax credit score you used in the course of the 12 months (from Type 1095-A) with the premium tax credit score you really qualify for based mostly in your last earnings. Any distinction will have an effect on your refund or tax owed. Learn more about “reconciling” — and see a chart displaying you the right way to use each varieties to do it.
Get step-by-step directions & tax varieties
For extra particulars, choose the situation that best applies to you to find out about well being protection and your 2016 federal taxes.
