Everything You Need to Know About Taxes & Enrollment

Jan 25, 2017
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 Nevada Health Marketplace plan in 2020.

Need to Know About Taxes & Enrollment

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 1-800-547-2927.

Do I have to pay a fee if I didn’t have health coverage?

Starting with the 2019 plan year (for which you’ll file taxes in April 2020), the fee no longer applies. If you don’t have coverage during 2019 or later, you don’t need an exemption in order to avoid the penalty.

Speaking of special circumstances…

It’s important to keep in mind that certain Qualifying Life Events (QLE), such as job loss, income change, marriage/divorce or birth/adoption of a child, may allow you to enroll in an insurance plan through Nevada Health Link outside of the annual open enrollment period. 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

All of our health plans exist to reduce the costs of health insurance and make sure you are covered. We’re always to help, so don’t hesitate to reach out for assistance.

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.