21 Feb 2017

Tips for Filing Your 2016 Taxes

Tips for Filing Your 2016 Taxes

Reporting your health coverage information is part of the tax filing process. For most taxpayers, checking a box on their tax return to indicate that they had health coverage in 2016 is the only thing they need to do. But there are many others who will need to fill out some forms and lines relating to the health care law.

 

If you enrolled through the Health Insurance Marketplace, you should have the Health Insurance Marketplace Statement, or Form 1095-A. This will help you complete Form 8962, which is the form to claim your premium tax credit. You may also receive Form 1095-B from your health insurance provider or employer, or Form 1095-C.

 

Before filing your taxes, here are some tips to remember:

 

  1. First, check your mail for form 1095-A. If any member of your household had a plan from the Marketplace in 2016, then you should receive this form in early February. If everything in the form is correct and accurate, make sure to keep it in a safe place because you’ll need it when you file your taxes. If you have not received Form 1095-A, then check your online Marketplace account; sometimes forms are sent there.

 

  1. If the information in Form 1095-A is incorrect, you will need to get in touch with the Marketplace Call Center here; they will send you a new one.

 

  1. Finally, make sure to reconcile any advanced payments you had using premium tax credit when you file your taxes. You’ll need Form 8962 to compare the premium tax credit amount that was used during the year with the premium tax credit you qualify for, based on the final income you received for the year 2016.

 

Now, if you had health coverage outside of the Marketplace such as through Medicaid, Medicare, and CHIP, you’ll need Form 1095-B to complete your tax filing.

 

You will likely receive Form 1095-B by mid-March. Make sure to find all pertinent information about your insurance coverage in 2016, the adults in your household that were covered and the months they had insurance coverage.

 

If, for the entire year of 2016, you and your dependents had qualifying health coverage (i.e. job-based plans, insurance plans bought in and outside the Marketplace, Medicaid, Medicare, and others), you need to check “Full year coverage” on your income tax form. Remember that if you received either Forms 1095-B or 1095-C, they should not be included with your tax return but should instead be saved together with your other tax documents.

Share This Page
0

Leave a Reply

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