The 2021 tax filing season has begun. Here’s what you can do right now to prepare.
Three steps to get ready for 2021 tax filing:
1) Check for Form 1095-A:
- If your household members had a 2021 Marketplace plan, you should have received Form 1095-A (Marketplace Health Insurance Statement) by early February. It is provided by the Marketplace program, not the IRS.
- It may also be accessible through your state’s agency website.
2) Form 1095-A should be double-checked for accuracy
- You’d need to use Form 1095-A to “reconcile” your premium tax obligation credit if you were using advanced payments of the premium tax obligation credit to reduce your monthly insurance premiums. If you file an incorrect version, you may be required to file an amended return later.
- Confirm your health insurance and household information, monthly enrollment expenses, and the “second-lowest-cost Silver Plan” (SLCSP).
- If you notice any inconsistencies, contact your Marketplace call center. We’ll send you an updated version. Please wait until you have it before filing.
3) Use the correct Form 1095-A to “reconcile”
- Now that you have an appropriate 1095-A Form and the second-lowest-cost Silver plan premium, you can fill out Form 8962, Premium Tax Credit.
- See this step-by-step reconciliation guide to get started.
