published to February 26, 2016
If you had a 2015 Marketplace Health Plan and used premium tax credits to reduce your monthly payment, you will need to “adjust” when filing your federal tax return. Adjustments may affect the amount of refunds or taxes owed.
Compare the two figures for reconciliation.
- The amount of premium tax credit that you have used in advance during the year. (This was paid directly to health insurance, which reduced the monthly payment.)
- The actual qualifying premium tax credit is based on your 2015 final income.
If you use a premium tax credit that exceeds your eligibility, you will pay the difference in federal taxes. If the amount used is less, we will refund the difference.
important Form 1095-A is required to complete this process. Don’t have a 1095-A? See how to find it.