Call Us Today(406) 586-4334
Home » 3 Tips: Marketplace insurance & 2016 taxes
March 15, 2017

3 Tips: Marketplace insurance & 2016 taxes

As you prepare to file your 2016 federal taxes, it’s important to know that reporting information about your health coverage is part of the tax filing process. If you had Marketplace health insurance in 2016, check out these 3 quick tax tips:

Image: {Woman filing taxes using 3 tips for Marketplace health insurance and 2016 taxes}

Form 1095-A and “reconciling”

  • Look for Form 1095-A in the mail. If anyone in your household had a Marketplace plan in 2016, we’ll mail you Form 1095-A, Health Insurance Marketplace Statement by early February. Check the information, and if everything is accurate, store it in a safe place with your other health insurance and tax forms. You’ll use it when you file your taxes. If you have an online Marketplace account, it may be there too.
  • Before you file, make sure your 1095-A is accurate. If it’s not, contact the Marketplace Call Center. Check things like your coverage, household, and premium information. If the form has errors, you can get a new one. If you file with the outdated form, you may need to file an amended tax return using your corrected 1095-A.
  • Be sure to “reconcile.” If you had a Marketplace plan and used advanced payments of the premium tax credit to lower your monthly payment, you’ll have to “reconcile” these payments when you file your federal income taxes. You’ll use IRS Form 8962 to compare the amount of premium tax credit you used during the year (from Form 1095-A) with the premium tax credit you actually qualify for based on your final income. Any difference will affect your refund or tax owed. Learn more about “reconciling” — and see a chart showing you how to use both forms to do it.

Get step-by-step instructions & tax forms

For more details, choose the situation that best applies to you to learn about health coverage and your 2016 federal taxes

Leave a Reply

Your email address will not be published. Required fields are marked *

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

©2024. All rights reserved. | Powered by Zywave Websites