When you receive Form 1095-A, it's important to know what to do with it to ensure accurate tax filing. Here are a few key steps to take once you have a completed Form 1095-A:
1. Review the form: Carefully examine Form 1095-A to ensure all the information is correct and matches your records. Verify important details such as the names of individuals covered, coverage start and end dates, and premium amounts.
2. Keep it for your records: Make sure to retain the Form 1095-A for your own records. It serves as evidence that you had health insurance coverage through the Health Insurance Marketplace for that tax year.
3. Reconcile the information: If you received any premium tax credits or subsidies throughout the year, you will need to reconcile them when filing your taxes. Use the information on Form 1095-A to complete IRS Form 8962, Premium Tax Credit, to determine if you need to repay any excess credit or if you are eligible for additional credit.
4. File your taxes: When ready to file your taxes, include the information from Form 1095-A on your tax return. This form helps determine your eligibility for any premium tax credits or subsidies, as well as confirms your compliance with the individual mandate (if applicable for the tax year in question).
5. Seek assistance if needed: If you have any questions or need assistance with Form 1095-A and its implications for your tax filing, don't hesitate to reach out to the IRS or a tax professional. They can provide guidance and ensure that you accurately complete your tax return.
Remember, properly handling Form 1095-A is crucial for accurate tax filings and to avoid any potential complications.