Understanding IRS Form 1095-A – Why It’s Important for Your Taxes
If you had health insurance through the Marketplace in 2023, you need IRS Form 1095-A to file your taxes.
What is Form 1095-A?
Form 1095-A is issued by the Health Insurance Marketplace (Obamacare) and provides details on:
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The months you had health coverage -
The amount of premiums paid -
Any advance premium tax credits you received
Pro Tip: Keep detailed records and receipts throughout the year to maximize deductions. Unsure what applies to you? Our experts can guide you!
Why is it Required?
If you received premium tax credits, the IRS requires this form to reconcile the credit amount you were given versus what you were actually eligible for based on your income. Failing to include it can delay your tax refund or result in penalties.
How Do You Know If You Have a 1095-A?
Contact Tax Deduction Experts today to ensure you claim every deduction possible for 2024.
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If you purchased health insurance through Healthcare.gov or a state Marketplace, you should receive Form 1095-A. -
It is usually mailed in January or available in your Marketplace account online. -
If you received insurance through an employer, Medicaid, or Medicare, you won’t get a 1095-A but may receive a 1095-B or 1095-C instead.
What If You Haven’t Received It?
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Check your Marketplace online account to download a copy. -
Call Healthcare.gov or your state Marketplace for assistance. -
Do not file your taxes until you have this form to avoid errors or refund delays.
Need help filing with your 1095-A? Contact Tax Deduction Experts for professional tax preparation assistance.
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