Marketplace 1095-A Form: Why It Matters and When to Expect It
Now that January is here, most people focus on resolutions and fresh starts, but if you purchased health insurance through the ACA Marketplace, there’s one document you can’t afford to overlook: Form 1095-A.
What Is Form 1095-A?
Form 1095-A is your official Health Insurance Marketplace Statement. It provides details about your coverage, including:
- The months you were enrolled in a Marketplace plan
- The amount of premiums paid
- Any Advance Premium Tax Credits (APTC) applied to lower your monthly costs
This form is essential for completing your federal tax return because it helps you reconcile the premium tax credit you received with the amount you were eligible for based on your income.
Why Is It Important?
- Required for Taxes: If you or anyone in your household had Marketplace coverage, you’ll need this form to file your taxes accurately.
- Avoid Delays: Missing or incorrect information can delay your refund or cause tax issues.
- Reconcile Credits: The IRS uses this form to confirm whether you received too much or too little in premium tax credits.
When Will You Get It?
These forms are typically mailed out around January 5 each year. You can also access it electronically by logging into your Marketplace account. Keep an eye on your mailbox and email notifications so you can file your taxes on time.
What Should You Do Next?
- Check for Accuracy: Review the form as soon as you receive it. If something looks wrong, contact the Marketplace immediately.
- Keep It Handy: You’ll need it when preparing your tax return or sharing information with your tax preparer.
- Don’t Delay: Filing without this form can lead to errors and IRS notices.
Need Help?
We’re here to make health insurance simple, even during tax season. If you have questions about your 1095-A form or how it affects your taxes, click here to contact us today for personalized guidance.