Did you know that your health coverage may affect your taxes? The ending of the 2021 tax filing season is right around the corner, on April 18. Nevada Health Link recommends all Nevadans to seek help from a licensed tax professional while preparing their federal income tax filings.
We’re here to help you get your information organized. Here are a few things to look out for as you’re filing taxes.
Reconcile with your Premium Tax Credit
A premium tax credit is important as it helps eligible individuals and families afford health insurance purchased through Nevada Health Link. But if you had a health plan last year and used advanced payments of the premium tax credit (APTC) to lower your monthly payment, you’ll have to “reconcile” when you file your federal taxes.
To get started, compare the amount of premium tax credit you used in advance during the year, plus the premium tax credit you qualify for based on your final income for the year.
You will need to fill out the following forms:
- Form 1095-A. You can log into your Nevada Health Link account and check your secure inbox, reach out to your broker, or download here.
- Print Form 8962 (including instructions) here.
Report a life or income change
This is a crucial step to filing taxes: you must report any life and income changes. You should report these changes immediately after the change happens, or at least 60 days ahead of time. If you don’t, you will not receive the correct coverage and savings for you and your family.
Some examples of reportable life changes:
- Loss of health coverage (switching jobs, lost Medicaid eligibility, or turning 26 for independent coverage).
- Change in household size (getting married or divorced, having a baby, foster care, or adoption).
- Moving/change of address
- Experience a change in disability status
- Gaining U.S. Legal Status
- Change of citizenship or immigration status
- Incarceration or release from incarceration
- Change in status as an American Indian/Alaska Native or tribal status
- Correction to name, date of birth, or social security number