fbpx ^

Tax season is here!

February 24, 2016   |   News

Dear CLIENT,

The Annual Health Insurance Open Enrollment has come & gone and believe it or not, tax season is here! Although we are not tax professionals & cannot provide specific tax advice, we wanted to send an important reminder & some tips as you prepare your 2015 taxes.

 If you were enrolled in a qualified health plan through the Marketplace for any months in plan year 2015, you should have received a cover sheet & populated Form 1095-A: Health Insurance Marketplace Statement on or before January 31st.

Why Form 1095-A is important

Form 1095-A includes:

  • information about you and any other members of your household who were enrolled in a Marketplace plan during 2015 coverage year.
  • information about your Marketplace plan premium and other information you may need to fill out your federal income tax return
  • the amount of any advance payments of the premium tax credit that we paid in 2015 to a health plan on your behalf or on behalf of other members of your household.

 

When you file your tax return electronically or by mail, you must complete and file Form 8962 (Premium Tax Credit). Use the information on the Form 1095-A to complete Form 8962. Also, when you complete your federal income tax return, you’ll need to indicate that you had Health Insurance Marketplace coverage for some or all of 2015. If you need Form 8962, visit irs.gov.

Changes to your Form 1095-A information

If you think information on the Form 1095-A that you receive is incorrect, call the Marketplace Call Center at 1-800-318-2596 to find out how to get it corrected.

If the “CORRECTED” box on the top of your Form 1095-A is checked, that means the marketplace made a change to the information they originally provided to you, so be sure you use the corrected form when you complete Form 8962 and file your federal income tax return.

Please thoroughly read the cover sheet & form that you receive to make sure you do not miss any instructions on how to prepare Form 8962 correctly.

It is important that we stress, as insurance consultants & financial advisors at LifeGuide Financial, we are not licensed to provide any tax filing advice or answer any tax filing questions. We highly recommend you seek guidance from your tax professionals for further assistance or questions.

Sincerely,

Abby Conway, Insurance Consultant

View More Blog Posts