3 Things to Know About 2021 Taxes & Health Insurance
The 2021 tax filing season begins on January 29, 2021. When you file, you must include information about your 2021 health coverage. If you had Marketplace health insurance in 2021, consider the following three suggestions:
1) Keep Checking the Tax Form 1095-A
- If you or your household members purchased a Marketplace plan in 2021, we would send you Form 1095-A (also known as Health Insurance Marketplace Statement) by early February. It will also be accessed online through your state’s agency account. Note: It is generated from the Marketplace program, not the IRS.
- You will use this to “reconcile” your premium tax credit.
2) Make Sure Your 1095-A Form Is Correct
- Contact your insurance agent or broker if anything about your coverage or household is incorrect.
- Also, double-check the information about the “second-lowest-cost Silver Plan” (SLCSP).
- Do not register your income taxes until you complete Form 1095-A.
3) Get assistance, Step-By-Step Instructions for Tax Forms
- Choose the condition that best applies to you to understand the health insurance plans and your federal taxes for 2021.
- Find out where you can get free IRS volunteer tax assistance.
Don’t Have Health Coverage In 2021?
If you could have afforded insurance coverage in 2021 but did not purchase it, you may be required to pay the penalty when you file your taxes this year. However, beginning with the 2022 plan year (for which you will file taxes in 2021), the fee is no longer applicable.
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