Published on January 20, 2017
As you put together to file your 2016 federal taxes, it’s necessary to know that reporting details about your well being protection is a part of the tax submitting course of. If you had Marketplace medical health insurance in 2016, try these 3 fast tax suggestions:
Form 1095-A and “reconciling”
- Look for Form 1095-A within the mail. If anybody in your family had a Marketplace plan in 2016, we’ll mail you Form 1095-A, Health Insurance Marketplace® Statement by early February. Check the data, and if every 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 might have a web based Marketplace account, it could be there too.
- Before you file, make sure that your 1095-A is correct. If it’s not, contact the Marketplace Call Center. Check issues like your protection, family, and premium info. If the shape has errors, you may get a brand new one. If you file with the outdated kind, you could must file an amended tax return utilizing your corrected 1095-A.
- Be certain to “reconcile.” If you had a Marketplace plan and used to decrease your month-to-month fee, you’ll need to these funds while you file your federal revenue taxes. You’ll use IRS Form 8962 to match the quantity of premium tax credit score you used in the course of the 12 months (from Form 1095-A) with the premium tax credit score you really qualify for primarily based in your remaining revenue. Any distinction will have an effect on your refund or tax owed. Learn extra about “reconciling” — and see a chart exhibiting you learn how to use each varieties to do it.
Get step-by-step directions & tax varieties
For extra particulars, select the state of affairs that greatest applies to you to study well being protection and your 2016 federal taxes.