If you purchased Marketplace insurance in 2021, you should have received Tax Form 1095-A in the mail by now. It is crucial to ensure that your Form 1095-A is accurate before you file your taxes. You will use the information on this document about SLCSP (Second Low-cost Silver Plan) to complete IRS Form 8962—Premium Tax Credit Rating.
First: Check Your Household & Insurance Information and Your SLCSP
To verify that your SLCSP plan method is correct, review Part III, “Column B” of Form 1095-A, titled “Monthly second-lowest-cost Silver Plan Strategy (SLCSP) premium.”
The SLCSP premiums will be incorrect if:
i) Part III of Column B has a “0” or is blank for each month a person in your family had the Marketplace coverage.
ii) You had changes in your family that you didn’t report on your online application, such as having a child, getting married or separated, moving, or losing a dependent.
If either of these situations is applicable, use the tax credit tool available on your state agency website to calculate your SLCP premium.
If any information about your insurance plan and household is incorrect on Form 1095-A, contact your Marketplace call center.
Second, “Reconcile” Your Tax Situation
If you know that your Tax Form 1095-A is correct, you are ready to file your taxes. If you purchased Marketplace insurance and used APTC (Advance Premium Tax Credit) to reduce your monthly installments, you’ll need to “reconcile” when you submit your federal taxes.