Navigating Tax Season with the Franco Suarez Agency
As the deadline for filing federal income taxes approaches on April 15, 2024, the Franco Suarez Agency is here to guide our clients through the intricacies of tax season, especially when it comes to Marketplace coverage and its impact on taxes. We understand that this process can be complex, which is why we are dedicated to providing our clients with the necessary information and resources to ensure a smooth tax filing experience.
Here are some key reminders for our clients as they prepare to file their taxes and reconcile their 2023 premium tax credits (PTC):
1. Reconciliation of Premium Tax Credits:
Clients who received advance payments of the premium tax credit (APTC) for 2023 will need to file Form 8962 as part of the reconciliation process. It is essential to accurately report this information to avoid any discrepancies in their tax filings.
2. Qualification for PTC:
Clients enrolled in a qualified health plan without APTC for 2023 can file Form 8962 to determine if they qualify for PTC. This step is crucial in maximizing potential tax benefits related to health coverage.
3. Amended Returns:
In cases where clients have already filed their 2023 taxes without reconciling APTC, they may need to file an amended return to rectify any errors or omissions.
To assist our clients further, we recommend utilizing resources such as the HealthCare.gov consumer tax guide and the Health Coverage Tax Tool. These tools provide valuable assistance in navigating tax-related questions regarding PTC and health coverage. Additionally, referring to the Premium Tax Credits and Form 1095-A FAQs for Agents and Brokers can help address common inquiries during tax season.
Clients can access their Form 1095-A through their online accounts or via approved Enhanced Direct Enrollment partner websites. It is crucial to provide accurate information from Form 1095-A when reconciling APTC to avoid potential implications on their federal income tax return.
For information on tax deadlines specific to individual states, clients are advised to contact their state tax agency for guidance tailored to their location.
If clients have any questions or require assistance during tax season, they can reach out to the Agent/Broker Email Help Desk at FFMProducer-AssisterHelpDesk@cms.hhs.gov for support.
At the Franco Suarez Agency, we are committed to empowering our clients with the knowledge and resources needed to navigate tax season successfully. By staying informed and proactive, our clients can ensure a seamless tax filing process and make the most of available tax credits related to their health coverage.
For any inquiries or personalized assistance, do not hesitate to reach out to our team. We are here to support you every step of the way.
Stay informed, stay prepared, and let the Franco Suarez Agency guide you through tax season with confidence.
