Reconcile Your Health Insurance Premium Tax Credit
A New Individual Health Insurance Plan
Selecting a new individual health insurance plan involves comparing options from the Health Insurance Marketplace or private insurers to find coverage that fits your needs and budget. Make sure you enroll during the open enrollment period or after a qualifying life event.
- Check eligibility for subsidies or tax credits to reduce costs.
- Carefully review plan details, including premiums, deductibles, and coverage limits, before finalizing enrollment.
What are the health insurance tax forms?
Understanding health insurance tax forms is important for filing taxes correctly. Here is a description of the most common health insurance tax forms, their purpose, and their impact on your tax filing:
- Provided to individuals who purchase health insurance through the Marketplace; used to reconcile premium tax credits on Form 8962.
- Sent by health insurers to show proof of minimum essential coverage; may be required if the IRS asks for coverage verification.
- Provided by large employers to detail health coverage and employee enrollment; helps determine premium tax credit eligibility if employer coverage was declined.
- Filed by individuals with health savings accounts (HSAs) to report contributions and distributions; ensures compliance and calculates tax benefits.
- Always verify forms for accuracy, reconcile premium tax credits, and retain all forms for your records. TurboTax simplifies the process by seamlessly importing these forms.
How do I get my health insurance forms?
- Form 1095-A is Access it through your Health Insurance Marketplace account or receive it by mail.
- Form 1095-B was Sent by your insurer via mail or online account.
- Form 1095-C are Provided by your employer via mail or employee portal.
- If a form is missing or has errors, contact the issuer directly.
- Save the form for tax records, even if it's not needed for filing.
How to reconcile your premium tax credit?
- Get Form 1095-A from the Health Insurance Marketplace.
- Complete Form 8962 to compare the advance payment with your actual premium tax credit.
- Repay the excess credit or claim the excess credit as a refund.
- File Form 8962 with your tax return to finalize the resolution.