The 2024 Covered California Tax Form 1095-A is an important document that helps Californians who have purchased health insurance through the Covered California marketplace to report their coverage and reconcile any advanced premium tax credits they may have received.
The Form 1095-A provides Information about your health insurance coverage through Covered California, including details about your premium payments, the dates you were covered, and any financial assistance you received to help pay for your insurance.
To make the process easier, Covered California provides this form to all consumers enrolled in Covered California plans and the IRS for tax filing purposes. By having this document on hand, you can be confident that you have the necessary Information to file an accurate tax return and avoid any potential problems with the IRS.
How to Get Tax Form 1095-A?
Covered California already sent out Form 1095-A by January 31st, 2024. This form is crucial for individuals who have purchased health insurance through Covered California, as it contains important Information about your coverage.
What to do if you did not get your Form 1095-A?
If you did not receive your Form 1095-A on January 31st, 2024, or after January 31st, and you received state or federal financial assistance to pay for your Covered California health plan, Log into your CoveredCA.com account to access your Secure Mailbox to see if the forms are available for you to download. If not, call Covered California’s Service Center at (800) 300-1506 or contact our Skyline Benefit expertise for guidance.
What to Do with Tax Form 1095-A?
Once you have your Form 1095-A, you’ll need to use it to complete your tax return. You’ll need to fill out Form 8962, Premium Tax Credit, to reconcile the financial assistance you received with the actual amount you were eligible for based on your income. This will determine if you owe additional taxes or if you are due a refund.
It’s important to note that the IRS may penalize you if you did not have health insurance for any part of the tax year. However, there are some exemptions available. For instance, if you had a gap in coverage of less than three months or experienced certain hardships that prevented you from getting coverage.
What Information is displayed on 1095-A?
This is the Information displayed on the IRS 1095-A Form.
- All consumers enrolled in a Covered California health plan (except Minimum Coverage plans).
- All months, an enrolled member had coverage through Covered California.
- Monthly health plan premiums before applying the Advanced Premium Tax Credit (APTC).
- Monthly Advanced Premium Tax Credit (APTC) paid to the health plan insurance agency on the consumer’s behalf.
- Monthly premium for the second-lowest-cost Silver plan in the consumer’s rating region.
What to Do If Your 1095-A Form Is Incorrect
Tax season can be a stressful time, and receiving an incorrect 1095-A form from Covered California can add to the anxiety. But don’t worry, there are simple steps you can take to rectify the situation.
First things first, reach out to Covered California’s customer service as soon as possible to report the errors. Once you’ve done that, provide them with the correct information to amend the form. And don’t forget to follow any guidelines they provide to ensure that your 1095-A form is corrected properly.
Takeaway
The 2024 Covered California Tax Form 1095-A from Covered California holds crucial information for tax filing. reach out to Covered California’s customer service if your 2024 Covered California Tax Form 1095-A is incorrect to report the errors. If it is accurate, use it to complete Form 8962, reconciling financial assistance. If questions arise, our Skyline Benefit experts are here to help.
Looking for Assistance with Covered California?
Skyline Benefit is a certified insurance agency with Covered California. Act now and get the premium subsidy and coverage that you deserve.
Our agents can review your medical needs and budget, and tailor your health insurance options during Covered California Open Enrollment.
Call us now at (714) 888-5112