If you answer "yes", stop right here.
We will check the required box on your federal income tax return and be done.
2. Did you have health insurance through the Health Insurance Marketplace?
If you answer "yes", you will be receiving a Form 1095-A in the mail by early February. This will be needed in order to complete & file your federal income tax return.
If you answer "yes", you will be receiving a Form 1095-A in the mail by early February. This will be needed in order to complete & file your federal income tax return.
Some of those who bought health insurance under the ACA received advance tax credits. These were tied to their income to help with the monthly premiums.
The information from 1095-A will be needed in order to complete Form 8962, which will be a new form on your tax return.
Federal officials will check the taxpayer's actual income against their original estimated income when they applied for the subsidies. - If you TOOK LESS advance payments of the premium tax credit than the actual credit you’re eligible for: You’ll get the difference as a credit on your tax return.
- If you TOOK MORE advance payments of the premium tax credit than the actual credit you’re eligible for: You may need to pay the difference with your tax return.
- If you DIDN’T TAKE ANY advance payments of the premium tax credit during 2014: When you complete Form 8962 you may find out that you qualify for a credit. If you do, you can claim it when you file your taxes.
- You will qualify for a health coverage exemption
- OR you will pay a fee when you file your 2014 federal income tax return
- $95 per adult (with a family maximum of $285)
- OR 1% of household income, whichever is greater.
The penalty for being uninsured in 2015 will be:
- $325 per person
- OR 2% of household income
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