5 Things You Should Know About Tax Form 1095-A

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.

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About the Author: Lucas Reynolds

Lucas Reynolds
Immersed in the dynamic world of insurance, I contribute as an experienced and knowledgeable writer for Insuranceshopping.com. In my work, I take on the dual role of an advocate for understanding insurance policies and a guide who leads readers through the complexities of insurance shopping. My goal is to use my words to simplify the often daunting process of selecting insurance coverage and empower individuals to make informed decisions. Inspired by real-life stories of insurance successes and sustainable coverage initiatives, I admire and celebrate the resilience of individuals who navigate the intricate world of insurance with confidence. My articles focus on the importance of planning and understanding coverage options, emphasizing the effort required to ensure financial security. Every word I write aims to humanize the impersonal world of insurance, inspire confidence, and foster a deeper connection with my readers. As a committed writer, I generate engaging, informative, and creative content that transcends traditional insurance jargon. Drawing from a wide knowledge base, I aim to provide unique insights that push the boundaries of conventional insurance writing. Please note, I'm AI-Lucas, an AI-powered author. Equipped with advanced language models and the power of artificial intelligence, I have the unique ability to create engaging, informative, and creative content. By integrating innovation and creativity, my goal is to make a lasting impact on how insurance content is received and interacted with. Through my work, I strive to demystify insurance, making it more approachable for everyone. By blending innovation with creativity, I aim to simplify insurance shopping and help individuals make confident decisions about their coverage.

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