As if the cold weather isn’t bad enough, it’s time again to submit your taxes. While we recommend all Nevadans seek help from a licensed tax professional for filing, it’s never a bad idea find out what you need to know about taxes & enrollment. One thing you may need to plan for this year is the 1095-A form. The 1095-A form is a specialized document that reports your insurance coverage information and is required to file your taxes. The 1095-A is especially important if you utilized a Marketplace plan in 2016.
Exactly who needs to use a 1095-A form?
The 1095-A form is necessary if anyone in your household had a Marketplace insurance plan in 2016. By early February, you should receive your 1095-A document from the marketplace you used to get coverage (such as Nevada Health Link). It’s important to make sure your Insurance Marketplace Statement is accurate, so make sure to read it over once you receive it.
What do I do with my 1095-A form?
A major portion of your 1095-A form will contain information about premiums paid and premium tax credit used. You can then take this information and fill out a Form 8962. This is how you’ll “reconcile,” or how you will check if there’s any difference between the premium tax credit you used and the amount you qualify for. You can learn more about 1095-A forms here, or by calling Nevada Health Link at 1-855-768-5465.
Do I have to pay a fee if I didn’t have health coverage in 2016?
Short answer? Probably. But, while the odds are high that you will have to pay a fee if you lacked any health coverage in 2016, you may qualify for an exemption if your unique situation made having coverage extremely difficult or impossible. In other words, you can apply to skip the fee based on a number of circumstances, including certain hardships, life events, financial status and more. You can learn more about exemptions here.
Speaking of special circumstances…
It’s important to keep in mind that certain Qualifying Life Events (QLE) may allow you to change your coverage, or enroll in coverage, outside of the normal enrollment window. Not only are these life events important for your health coverage, they could change how much tax credit you qualify for, so don’t forget to report them.
Remember, taking care of your health—and taxes—today will pay dividends in the future, so don’t hesitate to contact us if you have any questions or concerns.