Health Reform &
2015 Taxes
If you had health coverage through
the Health Insurance Marketplace or
another source in 2015, you may have
to include information about it when you
file your federal taxes. If you didn’t have
coverage, you may have to pay a fee.
The most important things to know:
WHO MUST FILE A TAX
RETURN FOR 2015
If you were enrolled in a plan through
the Health Insurance Marketplace in
2015 and used premium tax credits to
lower your monthly payments, you must
file a federal income tax return for 2015
— even if you usually don’t file or your
income is below the level requiring you
to. If you received a Subsidy, a Discount
or any other Premium Payment Reduction you are required to file a return.
YOU’LL GET FORM 1095-A
BY EARLY FEBRUARY
If anyone in your household was covered by a Marketplace plan in 2015,
you’ll get Form 1095-A, Health Insurance Marketplace Statement.
•
It includes information about
Marketplace plans anyone in your
household had in 2015.
•
It comes from the Marketplace, not
the IRS.
•
You’ll get it in the mail by early
February
•
You’ll use information from your
1095-A to complete Form 8962,
Premium Tax Credit. This is how
you’ll “reconcile” — figure out if you
used the right amount of tax credit
during the year.
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FEBRUARY 2016
YOU’LL NEED TO
“RECONCILE” YOUR
PREMIUM TAX CREDIT
If you had a 2015 Marketplace plan and
used premium tax credits, you’ll have
to “reconcile” when you file your federal
taxes. This means you’ll figure out if you
used more or less tax credit than you
qualify for. You’ll compare two figures:
•
•
IF YOU DIDN’T HAVE ANY
HEALTH COVERAGE IN 2015,
YOU MUST PAY A PENALTY
OR CLAIM AN EXEMPTION
The penalty for not having coverage in
2015 is $325 per adult or 2% of your
household income, whichever is higher.
•
The amount of premium tax credit
you used during the year. (This was
paid directly to your health plan so
your monthly payment was lower.)
A family of 4 with no coverage
and a combined annual income of
$70,000.00 will have to pay a penalty of $1,400.00.
•
The premium tax credit you actually
qualify for based on your final 2015
income.
A single adult with an annual income of $25,000.00 will have to pay
a penalty of $500.00
•
Exemptions from the requirement
to have coverage are available
based on existing health coverage,
financial status, certain hardships,
some life events, and membership
in some groups.
IF YOU HAD OTHER HEALTH
COVERAGE, YOU WON’T GET
A 1095-A
Depending on what kind of coverage
you had in 2015, you may get a different form — 1095-B or 1095-C. Or you
may not get any form.
If you get a 1095-B or 1095-C, you don’t
need to include it when you file your
federal taxes. Read the instructions
on the back of the form and keep it in
a safe place with your other tax documents.