What You Need to Know About Health Insurance and Taxes

Did you know that your coverage may affect your taxes? When filing your federal income taxes, here’s what you need to know:

  • You’ll get a new form (1095-A) in the mail by early February. This form includes monthly premiums you paid to your health plan and the advanced payments of the premium tax credits paid to your health plan in 2014.
  • Your 2014 premium tax credit is based on your final income for the year. If you have used less advance payments of the premium tax credits, it will be credited on your tax return. If you took more advance payments than you’re eligible for, you may be required to pay the difference with your tax return.
  • Use form 8965 if you didn’t have health coverage for 2014. If you were uninsured earlier in the year and your coverage started part way through 2014, you’ll need to fill out this form to know if you qualify for an exemption from paying fees for the months you didn’t have coverage.
  • If you didn’t have existing coverage and didn’t get an exemption, you may need to pay a fee with your federal tax return.
  • For those having 2014 heath coverage from a job, Medicare, Medicaid, or a plan outside the Marketplace, you won’t receive Form 1095-A.

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