Haris Ashley
If you enrolled in a health plan through the Health Insurance Marketplace, you will receive a Form 1095-A, Health Insurance Marketplace Statement. This form provides information about your health care coverage, including the dates of coverage, the total amount of the monthly premiums for your insurance plan, and the number of people in your household. It is important to note that you should not attach Form 1095-A to your tax return. Instead, you should use the information on Form 1095-A to complete Form 8962, Premium Tax Credit, which you file with your tax return. This allows you to reconcile advance payments of the premium tax credit with the amount you are claiming on your tax return.
| Characteristics | Values |
|---|---|
| What is Form 1095-A? | Health Insurance Marketplace Statement |
| Who issues it? | The Health Insurance Marketplace (Marketplace) |
| Who receives it? | Individuals who enrolled in a health plan through the Health Insurance Marketplace |
| When is it issued? | By early February or January 31 |
| What does it include? | Information about the coverage, who was covered, and when |
| What is it used for? | To calculate the amount of the premium tax credit |
| What to do if it's missing? | Contact the Marketplace Call Center |
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What You'll Learn
Form 1095-A
The 1095-A form provides details about your insurance coverage, including any advance payments of tax credits used to pay for health insurance, and the names of those covered by the policy. This information is then used to complete Form 8962, which can be filed with your tax return to claim the premium tax credit. The premium tax credit is a tax break offered by the Affordable Care Act (Obamacare) to help offset the costs of health coverage for those who qualify.
If you used your premium tax credit to reduce your premiums, Form 8962 will determine if you have any credit remaining, in which case you could receive a refund or use it to further reduce your taxes. However, if the amount paid to your insurer exceeded the eligible credit amount, you would need to repay the excess with your tax return.
It is important to carefully review your Form 1095-A to ensure all the information is correct. If there are any errors or discrepancies, you should contact the Marketplace Call Center for assistance.
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Tax filing
If you or anyone in your household enrolled in a health plan through the Health Insurance Marketplace, you will receive Form 1095-A, the Health Insurance Marketplace Statement. This form will be sent by the Marketplace, not the IRS, and should arrive by mid-February. It may be available in your Marketplace account from mid-January. You will need to use the information from Form 1095-A to calculate the amount of your premium tax credit.
Form 1095-A will include the dates of coverage, the total amount of the monthly premiums for your insurance plan, and the second lowest cost silver plan premium that you may use to determine the amount of your premium tax credit. It will also include the amounts of advance payments of the premium tax credit.
If you used the premium tax credit to lower your monthly insurance payments, you must file Form 8962, the Premium Tax Credit, with your federal income tax return. This form will allow you to reconcile your premium tax credit with the amount you qualify for based on your final income. If you used too much, you will need to repay it via taxes. If you used too little, you can claim the difference as a credit.
If you did not purchase coverage through the Marketplace, including those with Medicaid or CHIP coverage, you will not receive Form 1095-A. Instead, you may receive Form 1095-B or Form 1095-C, which are sent by health insurance providers and employers, respectively. These forms provide information on who was covered and when. It is important to note that you should not attach any of these forms to your tax return.
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Premium tax credit
The Premium Tax Credit is a refundable tax credit that helps eligible individuals and families with low or moderate incomes afford health insurance purchased through the Health Insurance Marketplace. The size of the Premium Tax Credit is based on a sliding scale, with those who have a lower income receiving a larger credit to help cover the cost of their insurance.
When you enroll in Marketplace insurance, you can choose to have the Marketplace compute an estimated credit that is paid to your insurance company to lower what you pay for your monthly premiums (advance payments of the Premium Tax Credit, or APTC). Or, you can choose to get all of the benefits of the credit when you file your tax return for the year.
If you choose to have advance payments of the Premium Tax Credit made on your behalf, you will reconcile the amount paid in advance with the actual credit you compute when you file your tax return for the year. Either way, you will complete Form 8962, Premium Tax Credit (PTC) and attach it to your tax return for the year.
If you are expecting to receive a Form 1095-A, Health Insurance Marketplace Statement, you should wait to file your income tax return until you receive that form. You might not receive a Form 1095-B or Form 1095-C from your coverage providers or employer by the time you are ready to file your tax return. You can prepare and file your returns without the forms. You should not attach any of these forms to your tax return. If you or your family had coverage through a Marketplace, the Marketplace will send you information about the coverage on Form 1095-A. The form will show coverage details such as the effective date, amount of the premium, and APTC paid on your and your tax family’s behalf for the year of coverage. If APTC was paid for you or your family, you will use the information from Form 1095-A to complete Form 8962, Premium Tax Credit (PTC) to reconcile the APTC with the premium tax credit you are allowed and compute your excess APTC or net premium tax credit.
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Health Insurance Marketplace
The Health Insurance Marketplace, created by the Affordable Care Act (ACA), offers a range of affordable health insurance plans to choose from. There are no income limits or annual limits on coverage for essential health benefits. The plans cover medical, dental, and vision care. To get started, go to Healthcare.gov to find your state Health Insurance Marketplace. Each state's marketplace has its own enrollment instructions.
If you or anyone in your household enrolled in a health plan through the Health Insurance Marketplace, you will receive Form 1095-A, the Health Insurance Marketplace Statement, by mail no later than mid-February. This form will be available in your Marketplace account anytime from mid-January to February 1. You will need this form to fill out IRS Tax Form 8962 when you file your taxes.
Form 1095-A will tell you the dates of coverage, the total amount of the monthly premiums for your insurance plan, and the amounts of advance payments of the premium tax credit. You will use the information from Form 1095-A to calculate the amount of your premium tax credit and reconcile advance payments of the premium tax credit made on your behalf with the premium tax credit you are claiming on your tax return.
If you have not received your Form 1095-A, or if you received an incorrect 1095-A, you should contact the Marketplace from which you received coverage. If you receive a corrected or voided Form 1095-A, you may need to amend your return.
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Health coverage documentation
If you enrolled in a health plan through the Health Insurance Marketplace, you will receive Form 1095-A, a Health Insurance Marketplace Statement. This form provides information about your health care coverage, including the dates of coverage, the total amount of monthly premiums, and the amount of advance payments of the premium tax credit. It is important to wait for this form before filing your income tax return, as it is used to calculate the amount of your premium tax credit and to reconcile advance payments. You can access Form 1095-A through your Marketplace account or by contacting the Marketplace directly.
In addition to Form 1095-A, there are other health coverage information forms you may receive, such as Form 1095-B and Form 1095-C. Form 1095-B is sent by health insurance providers to individuals they cover, detailing who was covered and when. Form 1095-C is sent by certain employers to employees, outlining the coverage offered. It is important to note that these forms should not be attached to your tax return.
To ensure accurate health coverage documentation, it is essential to provide up-to-date information to your health insurance company and Marketplace, if applicable. Any changes in your household, such as a new baby, a move, or a change in marital status, should be reported. Additionally, income changes should be documented with recent pay stubs or contract documents. Keeping these records on hand is recommended, even though they are not required to be submitted with your tax return.
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Frequently asked questions
Form 1095-A, Health Insurance Marketplace Statement, is provided by the Marketplace to individuals who enrolled or who have enrolled a family member in health coverage through the Marketplace.
You will get Form 1095-A by mail no later than mid-February. It may be available in your Marketplace account anytime from mid-January to February 1.
If you purchased coverage through the Marketplace and you have not received your Form 1095-A, you should contact the Marketplace from which you received coverage.
You must have your Form 1095-A before you file your taxes. You can use Form 1095-A to complete IRS tax Form 8962 and reconcile your premium tax credit.
Form 8962, Premium Tax Credit (PTC), is used to reconcile advance payments of the premium tax credit made on your behalf with the premium tax credit you are claiming on your tax return.
