We are quickly approaching tax season – the time of year where you have to get all your “financial” ducks in a row and cross your fingers to get a tax refund instead of owing more. For those of you who got insurance coverage through the Health Care Marketplace last year and are worried about what you need to do differently when filing your taxes – have no fear; this is the blog edition for you.
If last year you received insurance coverage by something other than the Marketplace, you will not have to fill out any additional tax forms, just check the box on your federal income tax form.
If you did receive insurance through the Marketplace, expect a 1095-A form in the mail sometime in the beginning of February. This is the form you will use to fill out your federal income taxes. Make sure to check over the info listed for possible mistakes. When signing up for the Marketplace, you had to predict your income for that year, and that would calculate how much federal funding you would receive on you monthly premiums. IRS Form 8962 will tell you what you what the actual federal funding you received was based on the actual amount of money you made that year. This will tell you whether or not you will receive tax credit or if it will be deducted from your tax credit.
If you didn’t have health insurance for 3 months or more in the past year, you will either qualify for an exemption or you will have to pay a fee when you file your federal income taxes. To see if you qualify for an exemption, check out this link.
And don’t forget, the February 15th deadline to enroll in Health Care Marketplace coverage this year is coming up, and fast! Keep up the chatter about enrolling in the Marketplace insurance for next years coverage by this quickly approaching date.
For more information check out these links:
HealthCare.gov’s page about The Marketplace and filing your taxes
An awesome video with 3 tips to keep in mind when filing your taxes
Instructions for filling out form 8962
Instructions for filling out form 8965, which qualifies your for an insurance exemption