What is a 1095-A Tax Form and What is It Used for?

Curious about the 1095-A Tax Form? The 1095-A tax form is essential for reporting your Health Insurance Marketplace coverage. It helps determine your eligibility for premium tax credits and is used to reconcile any advance subsidy payments on your federal income tax return.

What is a 1095-A Tax Form?

The 1095-A tax form is used to report information about an individual’s marketplace coverage.

This information is used to determine the individual’s or couple’s eligibility for a premium tax credit through the federal government or other subsidies. The 1095-A healthcare form is also used to reconcile any advance payments of the premium tax credit that were made during the year.

Below is an example of the form 1095-A:

What is It Used For?

Filing Your Federal Tax Return: The 1095-A is required to complete IRS Form 8962 (Premium Tax Credit), which is necessary to reconcile any Advance Premium Tax Credits (APTC) received during the year.

Verifying Health Coverage: It serves as proof of the health insurance coverage you had during the year.

Calculating Your Tax Credit: It helps determine if you received the correct amount of tax credit or if you owe any additional amount.

Who Receives a 1095-A Form?

Individuals or families who purchased health insurance through a government Health Insurance Marketplace.

Those who received advance premium tax credits (APTC) to lower their monthly premium costs.

What Should You Do if There Are Errors on Your 1095-A Tax Form?

If you notice any errors on your 1095-A tax form, don't worry – we're here to help. Simply give us a call, and we can assist you with the following:

✅ Reviewing Your Form for Accuracy: We'll carefully check your 1095-A for any mistakes, ensuring that all details are correct.

📞 Coordinating with the Health Insurance Marketplace: If we identify errors, we will work directly with the Marketplace on your behalf to request a corrected form.

🚀 Streamlining the Correction Process: With our experience, we can advocate for you, making the correction process faster and more efficient.

📄 Filing with Confidence: Once you receive the corrected form, we will guide you on how to properly file it with your tax return, ensuring everything is accurate.

Don’t try to navigate this process alone – let our team support you. Give us a call today.