If you or someone in your household purchased Marketplace coverage in 2021, you must have received Tax Form 1095-A (also known as Health Insurance Marketplace Statement) in the mail. Here are five crucial details about this Form.
Valuable Tips About Tax Obligation Form 1095-A
i) You should already have a Tax Form 1095-A. It is provided by the Marketplace program, not the IRS. If your Form did not deliver by mail or you cannot find it, check your online Marketplace account before reaching the Marketplace call center.
ii) It should be kept in a secure place along with other essential tax documents such as W-2 forms. This way, you can conveniently find it when it comes time to file.
iii) Before starting anything with a tax form, double-check its accuracy. Check your primary coverage and family member information, and verify the premium for your second-lowest-cost Silver plan (SLCSP). Contact your insurance agent to report any inconsistencies.
iv) If you require a new, updated form, you must wait until we send you the correct version before filing. If you have already submitted, you might need to file an amended statement using data from your new 1095-A.
v) You will use the details from your 1095-A Form to “reconcile” your monthly premium tax obligation credit. To do so, compare the amount of advance premium tax credit you used during the year to the amount of advance premium tax credit you qualify for based on your final income for the year. Any discrepancy will have an impact on your refund or tax liability. A step-by-step guide to “reconcile” your premium tax credit can be found here.