March 16, 2017

Had 2016 Marketplace coverage? 3 tips when filing 2016 taxes

If you enrolled in a Marketplace health insurance plan for 2016, you should have received tax Form 1095-A, Health Insurance Marketplace Statement in the mail. You also can get this form in your online Marketplace account, if you have one. You need this form to "reconcile" — meaning to find out if you used the right amount of premium tax credit during the year — your federal income taxes for 2016. Here are 3 tips:

1. Make sure your 1095-A is correct

• Read the instructions on the back and make sure everything is correct, including your "monthly second lowest cost silver plan (SLCSP) premium."
• If you need to make corrections, contact the Marketplace Call Center. We’ll send a corrected form. Don’t file your taxes until you get a correct 1095-A.

2. Get Form 8962 to "reconcile"

• Print Form 8962 (PDF). Note: If you’re using a tax software program to file, the form will trigger automatically.
• Get instructions from the IRS (PDF) on how to fill it out.

3. Use your 1095-A to complete Form 8962

• See our step-by-step guide to learn how to enter your information from your 1095-A on Form 8962.
• Include your completed Form 8962 with your 2016 federal tax return.