Printed on January 20, 2017
As you put together to file your 2016 federal taxes, it’s necessary to know that reporting details about your well being protection is a part of the tax submitting course of. When you had Market medical health insurance in 2016, take a look at these 3 fast tax ideas:
Kind 1095-A and “reconciling”
- Search for Kind 1095-A within the mail. If anybody in your family had a Market plan in 2016, we’ll mail you Kind 1095-A, Well being Insurance coverage Market® Assertion by early February. Examine the data, and if every little thing is correct, retailer it in a protected place along with your different medical health insurance and tax types. You’ll use it once you file your taxes. You probably have an internet Market account, it could be there too.
- Earlier than you file, make certain your 1095-A is correct. If it’s not, contact the Market Name Heart. Examine issues like your protection, family, and premium info. If the shape has errors, you will get a brand new one. When you file with the outdated kind, you might must file an amended tax return utilizing your corrected 1095-A.
- You should definitely “reconcile.” When you had a Market plan and used to decrease your month-to-month cost, you’ll must these funds once you file your federal earnings taxes. You’ll use IRS Kind 8962 to match the quantity of premium tax credit score you used in the course of the 12 months (from Kind 1095-A) with the premium tax credit score you truly qualify for based mostly in your last earnings. Any distinction will have an effect on your refund or tax owed. Study extra about “reconciling” — and see a chart displaying you the right way to use each types to do it.
Get step-by-step directions & tax types
For extra particulars, select the scenario that finest applies to you to study well being protection and your 2016 federal taxes.
