Every year, you will get anxiety about your taxation when the season starts to come close. Therefore, it’s important to have documents ready beforehand before things mess up and you fail to meet the deadline. As a result, there can be serious repercussions from the IRS. Do you want to add extra stress to your already stressful life by getting IRS notices?
Most people won’t want to mess with IRS in the first place. Therefore, be ready before the tax season and take care of the following main pointers.
1. 1095-A Form
This form is quite important because it has all the info of anyone in your household who had insurance in 2021. It arrives in the mail by February of the year. You can even download it from your health care government account portal. Since it’s an important piece of document, always look out for them and call your provider if you didn’t receive it.
2. Ensure That Your 1095-A Form is Correct
Analyze all the information on your 1095-A plan and check for any discrepancies. Check the back of the document and confirm that the coverage, plan, and premium amount are accurate. In case you spot any inaccuracy or errors, don’t hesitate to contact your provider. They’ll reach out to you with an updated form.
Tip: Don’t file until you get the updated form.
3. Reconcile your 1095-A form
Your accurate form 1095-A information will help you to fill the second part of Form 8692. You will reconcile the amount of premium tax credit by comparing the amount you use and the amount you qualify for. The reconciliation will help you to analyze any refunds or payable amounts.
Now that you’re aware of the filing process, you will be able to avoid any problems before the tax season arrives. Nevertheless, if you don’t have an insurance plan yet and you’re actively seeking one, why don’t you see some health plans on Insurance Shopping that can provide you customized plans.