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 necessary to know that reporting details about your well being protection is a part of the tax submitting course of. In the event you had Market medical insurance in 2016, take a look at these 3 fast tax suggestions:

Kind 1095-A and “reconciling”

  • Search for Kind 1095-A within the mail. If anybody in your family had a Market plan in 2016, we’ll mail you Kind 1095-A, Well being Insurance coverage Market® Assertion by early February. Verify the data, and if all the pieces is correct, retailer it in a protected place together with your different medical insurance and tax types. You’ll use it while you file your taxes. When you have a web based Market account, it could be there too.
  • Earlier than you file, be sure that your 1095-A is correct. If it’s not, contact the Market Name Heart. Verify issues like your protection, family, and premium info. If the shape has errors, you will get a brand new one. In the event you file with the outdated kind, it’s possible you’ll have to file an amended tax return utilizing your corrected 1095-A.
  • Make sure you “reconcile.” In the event you had a Market plan and used to decrease your month-to-month fee, you’ll need to these funds while you file your federal revenue taxes. You’ll use IRS Kind 8962 to match the quantity of premium tax credit score you used in the course of the yr (from Kind 1095-A) with the premium tax credit score you really qualify for based mostly in your ultimate revenue. Any distinction will have an effect on your refund or tax owed. Study extra about “reconciling” — and see a chart displaying you the best way to use each types to do it.

Get step-by-step directions & tax types