Published on February 26, 2016
If you had a 2015 Marketplace well being plan and used premium tax credit to decrease your month-to-month cost, you will must “reconcile” while you file your federal tax return. Reconciling can have an effect on both the quantity of your refund or the quantity of tax you owe.
To reconcile, you will examine 2 figures:
- The quantity of premium tax credit score you used prematurely through the 12 months. (This was paid on to your well being plan so your month-to-month cost was decrease.)
- The premium tax credit score you really qualify for based mostly in your ultimate 2015 revenue.
If you used extra premium tax credit score than you qualify for, you’ll pay the distinction along with your federal taxes. If you used much less, you will get the distinction towards a refund.
See a step-by-step information to reconciling your premium tax credit score.
IMPORTANT You will need to have your Form 1095-A to finish this course of. Don’t have your 1095-A? See find out how to discover it.