If anyone in your family had health insurance coverage under Health Insurance Marketplace (Obamacare) throughout the year, you’ll require Form 1095-A, the Health Insurance Marketplace Statement to file your tax return. This is a must to complete IRS Form 8962 (Premium Tax Credit Reconciliation) and make sure you get your taxes properly processed.
This step-by-step guide will assist you in locating, downloading and mailing your Form 1095-A to the CPA to avoid delay in your refund or tax return.
Why It Matters
This form is utilized to reconcile Advance Premium Tax Credit (APTC) you might have received to cover the cost of health insurance. If you do not include this form when you file your tax return, the refund may be delayed, or in some instances your tax return could be denied from the IRS.
It’s also important to remember that Form 1095-A is distinct from Form 1095-B (issued by insurance companies) and 1095-C (issued by large employers). You must ensure that you’re using the right format.
Step-by-Step: Healthcare.gov Users (Federal Marketplace)
If you have signed up for your Marketplace insurance via HealthCare.gov (used by the majority of states) follow these steps to locate and download the Form 1095-A you received:
- Go to: https://www.healthcare.gov
- Log in: Click on the “Log In” button at the top right corner of the page. Sign in using your username and password.
- Forgot password?: Utilize “Forgot password” link to reset it.
- Forgot password?: Utilize “Forgot password” link to reset it.
- Select the Correct Account: If you manage more than one account, you should select the one that is corresponding with the year of tax that you’re paying for.
- Choose Your Application: Once you’ve logged into your account, you’ll be able to find a list of all past as well as current applications. Choose the application that best fits the year in which you require (e.g., “2024 coverage” for the 2024 tax year).
- Important: Do not select the option that says “In Progress”. This is for the current or next year.
- Important: Do not select the option that says “In Progress”. This is for the current or next year.
- Locate Tax Forms: In the menu on the left, select “Tax Forms” or “Documents & Correspondence.”
- Download Form 1095-A : The Form 1095-A will appear. Simply click “Download” or “View PDF” to open it.
- Save the Form: Download the PDF and save it on your phone, computer or tablet. The file’s name should usually begin with .pdf.
- Repeat for multiple years If you have Marketplace coverage more than one calendar year, follow these steps for every fiscal year (e.g. 2023, 2022, etc.).
Review Your Form Before Sending It
Once you’ve downloaded the Form 1095-A, double-check the information before submitting the form to your CPA:
- Household Members: Make sure all persons covered under the policy are identified.
- Premiums & APTC: Confirm your monthly premium as well as the Advance Premium Tax Credit (APTC) amounts are accurate.
- Errors?: If you notice something is incorrect, please contact the Marketplace to request an updated copy.
If Your State Has Its Own Marketplace
Some states operate their own exchange for health insurance. They are not HealthCare.gov. If you reside in one of the states listed above, the procedure is the same, however you’ll be required to log into the local state’s Marketplace portal. Here are some links to popular marketplaces in states:
- California: CoveredCA.com
- New York: nystateofhealth.ny.gov
- Massachusetts: mahealthconnector.org
- Washington: wahealthplanfinder.org
To find other states click this link: HealthCare.gov State Marketplace Link.
After logging in, go to your account’s dashboard, choose the appropriate year, and then search for an “Tax Forms” or “Documents” tab to download the Form 1095-A.
What to Send to Your CPA
To ensure that your CPA can prepare your tax return correctly, Please send the following information:
- A PDF version of each Form 1095-A that you downloaded.
- Names and Social Security Numbers for everyone listed on the policy.
- Any notices or letters that you have received through the Marketplace or the IRS concerning your coverage or APTC.
- Note down any changes in your household during the year (e.g. wedding, divorce, moving).
Important: Never send attachments that are not encrypted. Instead, securely upload your documents via the client portal of your CPA or request an encryption key to upload them in a secure manner.
Troubleshooting Tips
- Didn’t Receive Your 1095-A in the Mail?
The majority of forms are accessible on the internet. Log into the Marketplace Account and then download your PDF from there. If you are still unable to locate it, please contact your local Marketplace to get assistance. - Incorrect Information on Your Form?
If you find an error, call the Marketplace to request a corrected version of the Form 1095-A. If you’ve already submitted the tax return, you might have to modify your return. - Multiple Marketplace Policies?
If you have several Marketplace policies throughout the course of the year, you’ll be provided with a separate form 1095-A per policy. It is important to submit each one with your CPA. - When is Form 1095-A Available?
Form 1095-A usually becomes available in late January for the previous tax year. For instance, forms for 2024 typically are available in January 2025.
Conclusion
Form 1095-A is an essential document for any person who has insurance via the Health Insurance Marketplace. If you follow these steps to find and download the form, you’ll be able to make sure that the tax return is effortless and exact. Do not hesitate to reach out to Parr & Ibarra CPA Firm in Keller, Texas if you have any queries or require assistance!
