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Market Well being Insurance coverage & 2016 Taxes: 3 Ideas

Revealed on January 20, 2017

As you put together to file your 2016 federal taxes, it’s essential to know that reporting details about your well being protection is a part of the tax submitting course of. In the event you had Market medical health insurance in 2016, try these 3 fast tax ideas:

Kind 1095-A and “reconciling”

  • Search for Kind 1095-A within the mail. If anybody in your family had a Market plan in 2016, we’ll mail you Kind 1095-A, Well being Insurance coverage Market® Assertion by early February. Examine the knowledge, and if every little thing is correct, retailer it in a protected place along with your different medical health insurance and tax varieties. You’ll use it while you file your taxes. You probably have a web based Market account, it could be there too.
  • Earlier than you file, be certain that your 1095-A is correct. If it’s not, contact the Market Name Middle. Examine issues like your protection, family, and premium data. If the shape has errors, you will get a brand new one. In the event you file with the outdated type, you might must file an amended tax return utilizing your corrected 1095-A.
  • Make sure to “reconcile.” In the event you had a Market plan and used to decrease your month-to-month fee, you’ll should these funds while you file your federal earnings taxes. You’ll use IRS Kind 8962 to check the quantity of premium tax credit score you used throughout the yr (from Kind 1095-A) with the premium tax credit score you really qualify for based mostly in your closing earnings. Any distinction will have an effect on your refund or tax owed. Be taught extra about “reconciling” — and see a chart exhibiting you how one can use each varieties to do it.

Get step-by-step directions & tax varieties

For extra particulars, select the scenario that greatest applies to you to study well being protection and your 2016 federal taxes.

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