What you need to know about taxes and health insurance in 2015
published to January 15, 2016
As you begin gathering the information you need to file your taxes, it’s important to remember that health insurance information is part of the tax filing process.
Here’s what you need to know if you’re using Marketplace.
- If you enrolled in Marketplace health insurance in 2015, an important tax document called Form 1095-A will be mailed to you. The 1095-A contains the information you need to complete your 2015 federal income tax return.you should Please wait to file your income tax return until you receive this document in the mail. It should arrive by early February. When you arrive, keep it with your other tax records, such as the W-2 you received from your employer.
- If you received financial assistance to help ease your monthly insurance premium burden, you must file a tax return and report the amount of financial assistance you received, even if it is not normally required. The amount is shown on 1095-A. Now that you know your final income for the year, you need to know the difference between the amount you should have earned based on your 2015 income and the amount of financial assistance you received. The information contained on Form 1095-A will help you do this. If you do not file a tax return and reconcile your financial assistance, the marketplace may not continue to provide financial assistance in the future.
Don’t forget that the fee without cover has increased again this year. If you do not have health insurance in 2016, the fee you will have to pay next year will be $695 or 2.5% of your income, whichever is higher.
Fortunately, open registration for 2016 coverage is now open and is valid until January 31st. Sign up for coverage Until January 31st.