You have time until April 15, 2021, to file your 2022 income taxes return. If you purchased Marketplace coverage in 2021 and used advance premium tax credit (APTC) payments to reduce your monthly premiums, you’ll need to “reconcile” your tax return.
Through reconciling, you will learn if there’s a discrepancy between the premium tax obligation credit you used and the amount you’re eligible for.
Any discrepancy between the two figures will have an impact on your refund or tax liability.
How to “reconcile” your 2021 premium tax credit
- Track down your Form 1095-A and double-check its accuracy. Check your online Marketplace account if you did not receive it. If it isn’t there, contact your state’s agency call center.
- Download Tax Form 8962 and instructions.
- In the end, fill out Part II of Form 8962 with the information from your 1095-A form.
If you need further information, browse the health government online portals and discover how to file your 2022 federal taxes based on the type of insurance you purchase.