As we approach tax season, it’s important to ensure you have all the necessary documents to file an accurate tax return and avoid potential penalties. One of the most crucial documents you’ll need is Form 1095-A, also known as the Health Insurance Marketplace Statement.
The Form 1095-A is an important federal tax document that serves as proof of coverage for individuals who wish to take advantage of the Advanced Premium Tax Credit (APTC). 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 will be sending 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. Whether you opted for mail or electronic delivery, 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, 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.
Takeaway
Tax Form 1095-A from Covered California holds crucial information for tax filing. Keep an eye on your mail or Covered California account. Once received, 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
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