Taxes and Health Insurance
Tax season is here, and this year is the first time that your taxes may be affected by your health insurance coverage. When filing your taxes for 2014, make sure to keep these things in mind to ensure that your taxes are properly filed.
- Check your mailbox for Form 1095-A – if your health insurance plan for 2014 came from a State or Federal Exchange marketplace, you should have already received Form 1095-A, which includes important information, such as Advanced Premium Tax Credit figures paid in 2014 to help pay monthly premiums.
- Your tax credit is computed with your federal income tax return – the amount that you receive for your 2014 premium tax credits is based on your final income for the year, which you will know once you finish your taxes.
- If you did not have health insurance for a portion of 2014, you will need Form 8965 – filing Form 8965 if you were uninsured for part of the year will help to tell you if you qualify for any exemption for the months that you were not covered. We recommend you contact your tax advisor for clarification.
- If you had other health insurance, just check the correct box – if you got health insurance through a source other than an Exchange marketplace, such as through your employer or an individual policy off the Exchange marketplace, you will just have to check the box showing that you had coverage in 2014.
For any questions concerning your health insurance and taxes, contact Randy Jones Insurance in Pleasanton, California.