As tax season approaches, ensuring accurate paperwork and having essential documents ready can prevent potential penalties. Here’s everything you need to know about the 1095-A Form from Covered California.
The 1095-A Form is an essential federal tax document that provides proof of health insurance coverage for individuals seeking to benefit from the Advanced Premium Tax Credit (APTC). It includes details about your premium payments, coverage dates, and any financial assistance received. This form is necessary for filing your Federal Income Tax Return and serves as proof of health insurance coverage, helping you avoid tax penalties. Additionally, it helps reconcile the amount of APTC received with your actual income for the benefit year.
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 1095-A Form?
Covered California sends out the 1095-A Form annually by January 31st, either via mail or electronically. You can expect to receive your Form 1095-A promptly. If you have indicated that e-mail is your preferred method of contact, please watch for an e-mail notice from Covered California by January 31st.
What do I do if I don’t get my Form 1095-A?
If you do not receive your Form 1095-A on January 31st, 2025, 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, the 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 IRS 1095-A Form?
The 1095-A Form includes details such as coverage periods, monthly premiums before APTC, APTC amounts paid on your behalf, and the monthly premium of the second-lowest-cost Silver plan in your region.
Takeaway
IRS 1095-A Form from Covered California is crucial for accurate tax filing and compliance with IRS requirements. Stay informed and proactive to avoid penalties and utilize available resources for assistance with Covered California and tax-related inquiries.
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
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