1095-A Form: What It Is and Why It Matters

A 1095-A form is a tax document that provides information about your health insurance coverage during the previous year. It is used to verify your eligibility for the premium tax credit when you file your taxes. The premium tax credit is a subsidy that helps lower the cost of health insurance for people with low to moderate incomes.

If you purchased health insurance through the Health Insurance Marketplace, you will receive a 1095-A form from the Marketplace. If you received health insurance through your employer, your employer will provide you with a 1095-C form.

It is important to keep your 1095-A form in a safe place. You will need it when you file your taxes. If you do not receive a 1095-A form, you can request one from the Marketplace or your employer.

What to Do If You Don’t Receive Your 1095-A Form

If you do not receive your 1095-A form by the end of January, you should contact the Marketplace or your employer. You can also download a copy of your 1095-A form from the Marketplace website.

If you are having trouble getting a copy of your 1095-A form, you can contact the IRS for assistance. The IRS can help you get a copy of your form or verify your eligibility for the premium tax credit.

Penalties for Not Having a 1095-A Form

If you do not have a 1095-A form, you may be subject to a penalty. The penalty is $500 per person, up to a maximum of $2,500 per family. You can avoid the penalty if you can show that you had health insurance coverage for the entire year.

How to File Your Taxes Without a 1095-A Form

If you do not have a 1095-A form, you can still file your taxes. However, you will need to provide the IRS with information about your health insurance coverage. You can do this by completing the Form 8962, Premium Tax Credit.

The Form 8962 is a worksheet that helps you calculate your premium tax credit. You will need to provide information about your income, family size, and health insurance coverage.

Once you have completed the Form 8962, you can file it with your tax return. The IRS will use the information on the form to determine your eligibility for the premium tax credit.

Conclusion

The 1095-A form is an important tax document. It is used to verify your eligibility for the premium tax credit. If you do not receive your 1095-A form, you should contact the Marketplace or your employer. You can also download a copy of your 1095-A form from the Marketplace website. If you do not have a 1095-A form, you can still file your taxes by completing the Form 8962.