Breakdown-Form-1095-AIf you bought health insurance in the healthcare Marketplace for 2014, you should have received a new tax form in the mail in February.  Form 1095-A is your Health Insurance Marketplace Statement, and you’ll need to bring it with you when it’s time to file taxes.  Regardless of your income, if you received tax credits to help pay your health insurance premiums, you will have to file a tax return by the April 15 filing deadline.  Here’s a closer look at the new IRS form.

 

What does the Form 1095-A provide?

  • Proof of Obamacare compliance, for you and anyone else covered under your policy.
  • Information about monthly payments you made to your insurer.
  • Amount of advanced premium tax credit received, if any.
  • Cost of second-lowest cost silver plan in 2014.  This sets the benchmark price for your premium tax credit.

 

Why is Form 1095-A important?

  • It shows the amount of tax credits you received.
    1. If you received more than you should have, you must repay the difference, subject to certain caps.
    2. If you received less than you were eligible for, you may get a refund, as long as you had no prior balance with the IRS.
     
  • If you are eligible for Obamacare subsidies, but you did not elect to receive them in advance, the info on Form 1095-A can be used to claim them on your tax return.  This could result in a tax refund.
  • You need it to complete Form 8962.

 

How can I get form 1095-A?

You should have it.  The forms were mailed out to most Marketplace customers in February.  You may also access your form online, via your Marketplace account.  Some states do not have access to the 1095-A online, including:

  • Connecticut
  • Hawaii
  • Idaho
  • Maryland
  • Minnesota
  • Vermont

If you need a replacement, and cannot retrieve your form online, contact the Marketplace through which you set-up your account to request a copy.

 

You may receive more than one 1095-A if:

  • Members of your family are enrolled in separate Marketplace policies, and
  • You and your spouse do not file jointly, or
  • An adult child under your policy files his or her own taxes, or
  • You updated your coverage information during 2014, or
  • You changed Marketplace plans at some point during the year, or
  • There was an error on a previous 1095-A.

 

Bring your 1095-A, along with your W2 and other tax documents, when you visit your tax preparer.  For a complete list of useful tax documents, check out this ACA Tax Filing Checklist.

 

-- By Alice Robeson