Don’t forget during the 2016 tax season ….
If you had a Marketplace plan and used advanced payments of the premium tax credit (APTC) to lower your monthly payment, you’ll have to “reconcile” when you file your federal taxes. This means you’ll compare 2 figures:
- The amount of premium tax credit you used in advance during the year. (This was paid directly to your health plan so your monthly payment was lower.)
- The premium tax credit you actually qualify for based on your final income for the year.
Any difference between the two figures will affect your refund or tax owed.
You should get your Form 1095-A in the mail by mid-February. It may be available in your HealthCare.gov account as soon as mid-January. If you don’t get it, or it’s incorrect, contact the Marketplace Call Center at 1-800-318-2596. You can also download the 1095-A by visiting www.healthcare.gov
- Log in to your HealthCare.gov account.
- Click the green “Start a new application or update an existing one” button.
- Choose “Go to my applications & coverage” at the bottom of the screen.
- Under “Your existing applications,” select your 2016 application — not your 2017 application. It will be below your 2017 application.
- Select “Tax forms” from the menu on the left.
- Download all 1095-As shown on the screen.
If you can’t find it in your Marketplace account, contact the Marketplace Call Center.
Once you have an accurate 1095-A and second lowest cost Silver plan premium, you’re ready to fill out Form 8962, Premium Tax Credit.
If you had Marketplace coverage but didn’t take advanced payments of the premium tax credits during the 2016 year, you will receive the tax credits on the back end, once you receive your tax return. If you have any questions concerning the tax credit reconciliation contact your tax professional, IRS.gov, or Thomas & Associates for assistance.