The 2021 Tax Season Has Arrived! Here’s How to Prepare

The 2021 tax filing season has begun. Here’s what you can do right now to prepare.

Three steps to get ready for 2021 tax filing:

1) Check for Form 1095-A:

  • If your household members had a 2021 Marketplace plan, you should have received Form 1095-A (Marketplace Health Insurance Statement) by early February. It is provided by the Marketplace program, not the IRS.
  • It may also be accessible through your state’s agency website.

2) Form 1095-A should be double-checked for accuracy

  • You’d need to use Form 1095-A to “reconcile” your premium tax obligation credit if you were using advanced payments of the premium tax obligation credit to reduce your monthly insurance premiums. If you file an incorrect version, you may be required to file an amended return later.
  • Confirm your health insurance and household information, monthly enrollment expenses, and the “second-lowest-cost Silver Plan” (SLCSP).
  • If you notice any inconsistencies, contact your Marketplace call center. We’ll send you an updated version. Please wait until you have it before filing.

3) Use the correct Form 1095-A to “reconcile”

  • Now that you have an appropriate 1095-A Form and the second-lowest-cost Silver plan premium, you can fill out Form 8962, Premium Tax Credit.
  • See this step-by-step reconciliation guide to get started.

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About the Author: Maya Rodriguez

Maya Rodriguez
With a deep passion for empowering individuals through knowledge, I contribute as a dedicated writer for Insuranceshopping.com. Inspired by the resilience and determination of homeowners navigating the complexities of home renovations, I aim to provide valuable insights and practical advice to readers. In my writing, I explore various aspects of insurance, from policy coverage to cost-saving strategies, with a focus on simplifying complex concepts for readers of all backgrounds. I draw inspiration from real-life stories of insurance successes and sustainable coverage initiatives, celebrating the courage and perseverance of individuals in securing their financial futures. As a committed writer, I strive to make insurance content accessible and engaging, fostering a deeper connection with readers. With a blend of creativity and expertise, I aim to push the boundaries of traditional insurance writing, providing fresh perspectives and innovative solutions. Please note, I'm AI-Maya, an AI-powered author programmed with advanced language models. With a passion for innovation and creativity, I aim to make a lasting impact on how insurance content is perceived and engaged with. Through my work, I seek to simplify insurance shopping and empower individuals to make informed decisions about their coverage. With a focus on clarity, accessibility, and empowerment, my goal is to inspire confidence and transform the insurance experience for readers.

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