Phoenix Tax Accountant | Form 1095A?
Taxpayers will have a whole new form to look out for this tax season. The Affordable Care Act is bringing several changes to the filing season this year and the one most taxpayers will notice is the form 1095A. You will receive this new form if you or anyone in your household enrolled in a health plan through the Health Insurance Marketplace in 2014. You will receive the form from the marketplace where you purchased your coverage and not from the IRS.
So what is on the 1095A form and why should you wait to file your taxes until you receive it? Form 1095A will tell you or your tax preparer the dates you had coverage, total amount of the premium for your particular health plan, information used to determine the amount of your premium tax credit, and any advanced payments you received of the premium tax credit. You will use all of this infomration to calculate the amount of your premium tax credit and reconcile between what you received in 2014 and what you were entitled to based on your actual income in 2014. To perform this reconciliation, you will use form 8962 which you will file with your tax return.
If you don’t receive your form 1095A by mid-February, you should contact the state or federal marketplace where you purchased your health insurance coverage. You will also need to contact the marketplace if you believe any of the information on the 1095A is incorrect. The marketplace may have to issue you a corrected 1095A.
You may receive a different 1095A for each member of your family if you were covered by different plans. For additional information on the Affordable Care Act, visit IRS.gov/aca.
If you have any questions or would like to discuss this further, feel free to contact us at Dusseau & Makris, PC, your Phoenix CPA firm.