2 Steps To ‘Reconcile’ Your Premium Tax Credit On 2021 Taxes

If you paid the premium tax credit (APTC) in advance to reduce your monthly payment on a Marketplace plan, you’d have to “reconcile” your 2021 taxes.

Step 1: Make Sure Form 1095-A Is Correct

Confirm that the information on Form 1095-A concerning your health insurance and household members is valid. If something goes wrong, contact the Marketplace call center

Additionally, review your SLCSP by checking out Part III, “Column B” of Form 1095-A, titled “Regular second-lowest-cost Silver Plan Strategy (SLCSP) premium.”

The SLCSP premiums will be incorrect if:

i) Part III of Column B has a “0” or is blank for each month a person in your family had the Marketplace coverage.

ii) You had changes in your family that you didn’t report on your online application, such as having a child, getting married or separated, moving, or losing a dependent.

Note: Get your correct SLCSP premium by carefully analyzing your situation.

Step 2: “Reconcile” Your 2021 Tax Obligations

Review your SLCSP premiums and make sure your household and coverage information is correct before applying for reconciliation.

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About the Author: Sophia Chen

Sophia Chen
With a passion for simplifying insurance and a dedication to helping individuals, I contribute as a skilled writer for Insuranceshopping.com. Leveraging my background in insurance and my experience as a customer service representative in the insurance industry, I strive to provide clear and practical advice to readers. In my writing, I aim to demystify insurance concepts and empower individuals to make informed decisions about their coverage. I explore various topics, from understanding policy options to finding the best insurance rates, with a focus on clarity and accessibility for readers of all backgrounds. Inspired by real-life stories of insurance successes and the importance of financial security, I celebrate the role of insurance in protecting individuals and their assets. Through my work, I aim to make insurance shopping a simpler and more approachable experience for everyone. As an AI-powered author known as Sophia Chen, I use advanced language models to create engaging, informative, and accessible content. With a blend of expertise and creativity, I strive to make insurance content more understandable and relatable for readers. Please note, I'm AI-Sophia, programmed with advanced language models to provide valuable insights and guidance on insurance matters. Through my writing, I seek to empower individuals to make confident decisions about their insurance coverage and financial future.

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