Market Well being Insurance coverage & 2016 Taxes: 3 Suggestions

Revealed on January 20, 2017

As you put together to file your 2016 federal taxes, it’s essential to know that reporting details about your well being protection is a part of the tax submitting course of. When you had Market medical health insurance in 2016, take a look at these 3 fast tax ideas:

Type 1095-A and "reconciling"

  • Search for Type 1095-A within the mail. If anybody in your family had a Market plan in 2016, we’ll mail you Type 1095-A, Well being Insurance coverage Market® Assertion by early February. Test the data, and if all the things is correct, retailer it in a secure place together with your different medical health insurance and tax types. You’ll use it whenever you file your taxes. When you've got an internet Market account, it could be there too.
  • Earlier than you file, ensure your 1095-A is correct. If it’s not, contact the Market Name Heart. Test issues like your protection, family, and premium data. If the shape has errors, you may get a brand new one. When you file with the outdated type, you could must file an amended tax return utilizing your corrected 1095-A.
  • You should definitely "reconcile." When you had a Market plan and used to decrease your month-to-month fee, you’ll must these funds whenever you file your federal earnings taxes. You’ll use IRS Type 8962 to match the quantity of premium tax credit score you used through the yr (from Type 1095-A) with the premium tax credit score you really qualify for primarily based in your ultimate earnings. Any distinction will have an effect on your refund or tax owed. Be taught extra about "reconciling" — and see a chart exhibiting you methods to use each types to do it.

Get step-by-step directions & tax types

For extra particulars, select the scenario that greatest applies to you to study well being protection and your 2016 federal taxes.

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