Make us your home page
Instagram

Form 1095-A for Health Insurance Marketplace now part of tax prep

As we shift into the new year, we're gearing up for an onslaught of new paperwork that is essential for filing your 2014 tax return.

One brand-new piece of paper: Form 1095-A, the Health Insurance Marketplace Statement.

If you obtained coverage under Obamacare last year, you need Form 1095-A to file your tax return for 2014. The form is to be sent by Jan. 31, but you're not going to be able to file your taxes without it.

It may seem early to be talking about taxes, but this tax season could be a mess, thanks in part to some complicated tax rules involving the Affordable Care Act.

Consumers will receive their 1095-A from the Marketplace in the mail, and it will be posted to their online HealthCare.gov account during tax filing season, according to Aaron Albright, director of the media relations group for the Centers for Medicare and Medicaid Services.

"We will be doing robust outreach to consumers during tax season to explain how taxes and health care intersect, and steps consumers can take to prepare for the coming tax season," Albright said.

Form 1095-A reports the total monthly health insurance premiums paid to the insurance company you selected through the Marketplace. It also details the advance payments of the premium tax credit that were paid directly to your insurance company.

If Form 1095-A is lost, never shows up, or is wrong, taxpayers must contact their Marketplace directly. Taxpayers can get information on how to reach the Marketplace on HealthCare.gov and IRS.gov/aca.

Luis Garcia, spokesman for the IRS, said because a third party provides Form 1095-A, you'd need to go to the health insurance marketplace to get a copy if the form is lost or there are mistakes. The IRS is not going to be able to answer questions about the information on Form 1095-A or about missing or lost forms.

The IRS recently released a 21-page publication on how the Affordable Care Act affects taxes. IRS Publication 5187, Health Care Law: What's New for Individuals & Families.

Information on the tax implications of the Affordable Care Act can be found at healthcare.gov/taxes and irs.gov/aca.

OTHER PAPERWORK: Special life events create a string of important tax papers.

Buy a house? Make sure to keep the HUD-1, the closing statement you received when you bought or sold the house. If you refinanced a mortgage, you'd also have received the HUD-1 statement when you close on the refinance.

If you had a baby, make sure to have the child's Social Security card ready for tax time. It is best to verify the name as spelled on the card and the exact Social Security number on the card.

As early as it seems, it's never too early to get a special folder for all the paperwork you'll need at tax time.

NEW THIS YEAR: The IRS has created a new partner page to explain various professional designations. A database of tax professionals is expected to be offered at the IRS website early this tax season, as well.

Form 1095-A for Health Insurance Marketplace now part of tax prep 01/06/15 [Last modified: Tuesday, January 6, 2015 7:09pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Trumps travel ban to be replaced by restrictions tailored to certain countries

    Nation

    WASHINGTON — President Donald Trump's ban on travelers from six majority-Muslim countries is set to be replaced as soon as this weekend with more targeted restrictions on visits to the United States that would vary by country, the New York Times reports, citing officials familiar with the plans.

    President Donald Trump's ban on travelers from six majority-Muslim countries is set to be replaced as soon as this weekend with more targeted restrictions on visits to the United States that would vary by country, officials familiar with the plans said Friday. The new restrictions, aimed at preventing security threats from entering the United States, could go into effect Sunday after the conclusion of a 90-day policy review undertaken as part of the administration's original travel ban. Though the restrictions would differ for each country, people living in the targeted nations could be prevented from traveling to the United States or could face increased scrutiny as they seek to obtain a visa. [Associated Press]
  2. In dollars: How valuable are Florida's university football programs?

    Business

    The University of Florida football program is valued in a new study at $682 million, making it the most valuable university team in the state but still worth far less than several college programs topping $1 billion. Four years ago, UF's program was valued at just under $600 million.

    The University of Florida football program is valued at  $682 million, making it the most valuable by far in the Sunshine State. Pictured are UF cheerleaders leading the crowd in a Gator cheer on Clearwater Beach last December during the Outback Bowl Beach Day on Clearwater Beach. [SCOTT KEELER   |   Times]
  3. After 22 years, it's last call for beloved Ybor venue New World Brewery

    Music & Concerts

    YBOR CITY — Steve Bird spreads his tools across a patio table. He has awnings to unbolt and paraphernalia to unpry, from the busted Bop City neon by the stage to the Simpsons "El Duffo o Muerte" mural in the courtyard. He'll uproot a fountain and dismantle a roof and attempt to keep his bar intact. The …

    Various decor and memorabilia fill the walls and shelves at New World Brewery in Ybor City.
Long time music venue and hangout New World Brewery in Ybor City will be closing it's doors and moving locations. Patrons enjoy one of the last events before New World Brewery changes its location to Busch Blvd in Tampa.  [Photo Luis Santana | Times]
  4. Florida bought more Pasta Passes from Olive Garden than almost any other state

    Food & Dining

    Floridians would like their bowls of pasta to never, ever end.

    Florida was the No. 2 state with the largest number of Olive Garden Pasta Pass purchases, an unlimited pasta pass for $100. Photo courtesy Olive Garden.
  5. Trigaux: Tampa Bay household income tops $50,000 but still makes us look poor

    Personal Finance

    The good news is Tampa Bay's median household income finally crawled above $50,000 last year. The bad news is that figure — officially $51,115 by new U.S. Census Bureau data — still puts the Tampa Bay region as the poorest of the nation's 25 largest metro areas.

    Tampa Bay still has the lowest median household income among the 25 most populous metro areas, according to U.S. Census Bureau data.
[Times]