A Simple Guide to Your 1095-A Tax Form
Selecting and enrolling in your health insurance plan is just one piece of the puzzle to securing your subsidy (tax-credit) through the Affordable Health Care Act. At the end of each tax year, it is essential that you obtain your 1095-A form before filing your annual tax return. This important form helps you reconcile your tax-credits and health insurance premiums.
Bottom Line—if you received a subsidy in 2020, you must obtain your 1095-A form. If you are expecting to receive a Form 1095-A, you should wait to file your income tax return until you receive that form.
Our trusted agents have come up with this simple guide regarding the 1095-A form:
- 1095-A forms are provided if you or anyone in your household enrolled in a health plan through the Health Insurance Marketplace for the year. You will get this form from the Marketplace, not the IRS.
- 1095-A forms should be mailed to your place of residence by the end of January, 2021.
- If you are a current client at Carolina Insurance Professionals, our Agents can access the 1095-A form. If you are having trouble seeing the form on your hc.gov account or do not receive the form via the post office, simply give us a call at 919-285-4732 and we will be happy to assist you.
- The next step is to verify that your information is correct on the 1095-A form. A detailed explanation about your 1095-A can be found at healthcare.gov.
- Finally, once the information is accurate, you are ready to fill out the IRS 8962 form. That form can be found at irs.gov.
Additionally, another great tip is to keep copies of these forms in a safe place. Keep them where you keep other documents such as W-2 forms and other important records. If you still have questions, we recommend that you check out this article on the IRS website or consult with your local tax expert. As always, if you have health insurance related questions or need help obtaining the 1095-A form, our team of licensed Agents is here to assist you.