With a health plan, you also have to pay your taxes. If you or anyone in your household had health coverage in 2021, you would have received the form 1095-A and the Insurance statement. These are necessary documents to help you in reconciling the taxes. If you didn’t get these documents on your online portal, you should contact your provider.
Without any further ado, let’s see how you can use your form and reconcile taxes.
Guide to Using Form 1095-A
· Check your form for any inaccuracies. It’ll reconcile your premium tax credit. If you spot any errors, call the center, and don’t file your tax until you hear from them. They’ll get you a new, updated, and errorless form.
· In order to reconcile, you’ll compare the amount of premium tax credit you were using as an advance in 2021 against the actual premium tax credit amount you actually qualify for, which will be based on your 2021 income. Any difference between the two amounts will affect your refunds or payables.
What If I Don’t Have Coverage In 2021?
It’s possible that you got your coverage from someplace else, such as your job or through any other Marketplace. In such circumstances, you’ll get a different form that will have different instructions to qualify.
Nevertheless, if you’re looking for insurance coverage or want to change your plan, go Insurance shopping and find the best plans according to your requirements.