Marketplace Health Insurance and Taxes in 2016: 3 Tips
published to January 20, 2017
If you’re preparing to file your 2016 federal taxes, it’s important to know that reporting your health insurance information is part of the tax filing process. If you had Marketplace health insurance in 2016, check out these 3 quick tax tips.
Form 1095-A and “Match”
- Look for Form 1095-A in your email. We’ll email you if anyone in your family had a Marketplace plan in 2016 Form 1095-A, Health Insurance Marketplace® statement Early February. Review the information and if everything is correct, keep it in a safe place along with your other health insurance and tax forms. Used when filing tax returns. If you have an online marketplace account, it may be there too.
- Please ensure your 1095-A is accurate before submitting. If not, please contact them Marketplace call center. Check your coverage, household, premium information, and more. If the form has errors, you can get a new form. If you file an older form, you may be required to file an amended tax return using an amended 1095-A.
- Be sure to “reconcile”. If you’re on a Marketplace plan and had your monthly payments reduced, you’ll need to make those payments when you file your federal income tax. Use IRS Form 8962 to compare the premium tax credit you used for the year (from Form 1095-A) with the premium tax credit you actually qualify for based on your final income. Any difference will affect refunds or unpaid taxes. Learn more about “Reconciliation” —and see the chart showing how to do it using both forms.