1095-A Form Explained: How to Download, File, and Use for Tax Credits

Form 1095-A, titled “Health Insurance Marketplace Statement,” is a tax form provided by the Health Insurance Marketplace to individuals who have enrolled in a qualified health plan. This form contains essential information about your health coverage, including details about the insurance provider, coverage dates, and any premium tax credits received. It’s crucial for individuals to use this form when filing their federal tax returns to reconcile any advance payments of the premium tax credit and to ensure accurate reporting of health insurance coverage. irs.gov

Purpose of Form 1095-A

• Reports information about individuals who enroll in a qualified health plan through the Health Insurance Marketplace.
• Allows individuals to claim the premium tax credit.
• Helps reconcile the credit on tax returns with advance payments of the premium tax credit.
• Assists in filing an accurate tax return.

Who Receives Form 1095-A

• Individuals or families who enrolled in health insurance through the Health Insurance Marketplace.
• Each household should receive a separate Form 1095-A for each policy.

Information Included on Form 1095-A

• Personal details: Name, Social Security Number, and date of birth.
• Policy information: Policy number, issuer’s name, and coverage start and end dates.
• Covered individuals: Names and Social Security Numbers of all individuals covered under the policy.
• Coverage information: Monthly premiums, the second lowest cost Silver plan (SLCSP) premium, and any advance payments of the premium tax credit.

How to Use Form 1095-A

• Wait to receive Form 1095-A before filing your taxes.
• Use the information to complete Form 8962, Premium Tax Credit, to reconcile any advance payments with the actual credit amount.
• Ensure all information is accurate; if there are discrepancies, contact the Marketplace for a corrected form.

Importance of Form 1095-A

• Essential for taxpayers who received advance payments of the premium tax credit to avoid potential tax liabilities.
• Necessary for claiming any additional premium tax credit if eligible.
• Helps confirm that you and your household members had minimum essential coverage, which can affect your tax obligations.

Common Issues and Resolutions

• Missing Form 1095-A: If you haven’t received your form by mid-February, log into your Marketplace account to download a copy or contact the Marketplace Call Center.
• Incorrect Information: Review the form carefully. If there are errors, request a corrected form from the Marketplace.
• Multiple Forms: If you had changes in coverage or multiple policies during the year, you might receive more than one Form 1095-A. Ensure all forms are accounted for when filing your taxes.

For more detailed instructions and information, refer to the IRS’s official guidance on Form 1095-A. irs.gov

By understanding and properly utilizing Form 1095-A, you can ensure accurate tax reporting and maximize any benefits available through the premium tax credit.