Filing 2015 Income Taxes:
How the 1095-A Form Fits In
Income tax time is upon us again in 2016. Employers are issuing W-2s so that employees can fill out their 2015 income taxes in a timely manner.
Health Insurance Marketplace consumers—listen up! You need access to an additional form to properly file your taxes this year.
The form is called the 1095-A form. It comes pre-filled with all of the relevant information pertaining to your current health insurance policy in 2016. For example, you will see detailed information about your health plan selection, your marketplace application number, etc. Click here for an example of an empty 1095-A form (and imagine the form pre-filled with your information).
There are two ways to access the form. First, you can check the mail every day after February 1st looking for correspondence from the Health Insurance Marketplace. If this takes too long, access your application on healthcare.gov, and look in the menu (seen below) on the left-hand side of your application. In a little while, there will be an option to click on a link called “Tax Forms” below “Exemptions” (the red arrow shows the position). Select this option, and your 1095-A form will appear. Look for this link at the end of January or early February of 2016.
Once You Access the 1095A Form…
Hold on to the form! Next print off Form 8962, and use the information on your 1095-A form to fill in the blanks on Form 8962. Next print off a 1040 tax forms. You can find a full list of 1040 forms by clicking this link.
If you need to repay tax credits, this amount will be disclosed in the 1095-A form. Proceed to line 46 where the 1040 form asks for “Excess advance premium tax credit repayment.” Enter this amount in line 46.
If you qualified for tax credits in 2016, it is imperative that you claim the amount of tax credits disbursed to you from the federal government. Refer to line 69 on the 1040 form, and you will see the words “net premium tax credit.” You will calculate this amount in Part II of Form 8962, so fill in this amount in line 69!
Make sure to attach Form 8962 to your 1040 tax documents!
I have tried to simplify the process, but I know tax forms are not the easiest to navigate. It is never a bad idea to consult irs.gov as a reference. If all else fails, do not hesitate to call American Exchange at 1-888-995-1674 or visit our website at www.americanexchage.com for more guidance!