Avoid Losing Tax Premium Eligibility
If you purchased health insurance through the Marketplace, you may be eligible for a Premium Tax Credit (PTC) to help lower your monthly insurance premiums. To receive the PTC, you must file Form 8962 with your tax return and attach Form 1095-A, which you should have received from the Marketplace.
Failing to file Form 8962 or failing to reconcile your PTC can result in losing your eligibility for the credit, which can lead to higher premiums on your plan. Here are the steps to use Form 1095-A to file Form 8962 correctly and avoid losing your PTC:
Gather your documents: Before you begin, make sure you have your Form 1095-A and any other relevant tax documents, such as your W-2 or 1099 forms.
Verify the information on Form 1095-A: Double-check that the information on your Form 1095-A is accurate, including your name, address, Social Security number, and the months you were enrolled in a Marketplace plan.
Calculate your PTC: Use the information from Form 1095-A to calculate your PTC by filling out Form 8962. The PTC is based on your income and the cost of the second-lowest-cost silver plan available to you.
Complete Form 8962: Fill out Form 8962, making sure to enter the correct information for each month you had Marketplace coverage. If you had changes in income or family size during the year, you may need to complete Part 4 of Form 8962 to reconcile any differences between the amount of PTC you received in advance and the amount you're eligible for based on your actual income.
Attach Form 1095-A: Once you've completed Form 8962, attach your Form 1095-A to your tax return and file it with the IRS.
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