Every year, millions of taxpayers receive the 1095-A tax form – and just as many don’t know what to make of it. While the 1095-A can be complicated, knowing the basics of this form will help you move through tax season with ease.
If you’ve received a 1095-A in the past or this year, you may feel a little overwhelmed by all you have to do. It might even appear that your head is spinning around in circles while trying to figure out what information you need and what comes next.
But don’t worry, understanding the 1095-A form isn’t as difficult as it seems! In this article, we’ll discuss everything about the 1095-A: from understanding its purpose to knowing how to accurately fill it out. Ready? Let’s dive in!
What Is the 1095-a Tax Form?
The 1095-a tax form is the official document you'll use to report and calculate the premium tax credit when you enroll in a qualified health plan through the Health Insurance Marketplace. It will show up in your mailbox every year, usually around January or February.
The form includes information about your coverage and costs from the Marketplace, so it’s important to keep a copy of it for your records. Plus, if you enrolled in a qualified health plan through the Marketplace and are claiming coverage on your taxes, you'll need to fill out Form 8962 using the information provided on this form.
So, if you've signed up for a qualified health plan through the Marketplace, be sure to look out for your 1095-a form, it can be invaluable when filing taxes!
When and Why to Complete the 1095-a Tax Form
With most tax forms, the first question is when do you need to file it? The 1095-A form is no different, so let's break it down.
If you got your health care through the Health Insurance Marketplace and received advanced payments of your premium tax credit (APTC), then you must use the 1095-A form to report information about that health insurance coverage in Burbank when you file your annual federal income tax return.
Additionally, if you reconciled any APTC by paying excess APTC with your return or getting a refund for too little APTC paid, then you must use the 1095-A form. This is true even if the excess APTC was $0. Finally, if you want to claim a premium tax credit on your federal income tax return, then you need to use Form 1095-A.
By filing the necessary forms and taking advantage of applicable tax credits, like the premium tax credit, when they're due, you can save yourself time and money in the long run.
Get Help Filing with a Covered CA Burbank Enrollment Center
If you're still feeling overwhelmed, don't worry—you're not alone! There are covered California enrollment centers all over the state who can help you fill out your 1095-A form.
At these enrollment centers, they'll be more than happy to sit down with you and work through all the details of your 1095-A form. They'll help make sure you understand all the information and have filled out the form correctly.
Plus, they can answer any questions that you may have about the process and other health insurance documents you may need to fill out, like Form 1040SR or Form 8962.
The process is pretty simple. All you need to do is:
1.
Choose a covered California enrollment center near you
2.
Make an appointment (this can ideally be done on their website)
3.
Print off a copy of your 1095-A tax form from the Covered California website and bring it with you to your appointment
4.
At the appointment, provide them with any other necessary documents (e.g., pay stubs)
5.
Sit back, relax, and have them take it from there!
The 1095-A Form is an important one for anyone who has had health insurance through Covered California during the year. It provides the information you need to accurately report on the premiums you paid, the amount of financial assistance you received, and your total cost of coverage. Knowing these details will help you prepare your taxes accurately and save you from potential tax trouble down the road.
At the end of the day, we know taxes can be complicated. But with knowledge of the basics and an understanding of the 1095-A Form, you can be sure to complete your taxes accurately and on time. If you need to help understanding or to file your 1095-A, contact a Covered CA Enrollment Center today to get free, expert advice to help you file your taxes right.
Have you been trying to figure out how to get covered for health insurance in California without paying an arm and a leg? Well, worry no more! You can now enroll in Covered California, the state's health insurance marketplace, free of charge!
That's right, it doesn't cost anything to enroll in Covered California. With free enrollment, you can take advantage of the state's competitive health coverage plans and be connected to millions of Californians who are also taking advantage of the same opportunity.
So what exactly does it mean to enroll in Covered California for free? In this article, we will explain exactly how you can enroll for free with Covered California and what kind of benefits you can expect by doing so. We will also give you some tips on how you can maximize your savings by taking full advantage of the free enrollment period. So, let's dive in and get started!
Introduction to Covered California
Covered California is a health insurance marketplace in California that allows individuals and families to purchase health insurance plans. It is part of the larger Affordable Care Act, and it's the best place to get coverage if you do not have access to employer-sponsored health plans. The good news is that free enrollment is available, so if you qualify, you can sign up now!
What Are the Benefits of Free Enrollment?
Enrolling in Covered California means you get access to a wide range of health insurance benefits without the hassle of having to pay anything up-front. With this program, you can choose from a variety of plans to fit your individual needs and budget. Plus, if you qualify for financial assistance, your monthly premiums can be even lower.
In addition, free enrollment also comes with these benefits:
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No health exam or medical questionnaire required
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Access to a variety of coverage options and plans from many trusted providers
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Covers preventive care services such as checkups and vaccinations at no cost
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Access to a network of doctors and hospitals that accept Covered California
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Coverage for mental health and substance abuse services
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Tax credits are based on your income level, so you can pay less for coverage.
How Do I Qualify for Free Enrollment?
Did you know that you may be eligible for free, or low-cost enrollment into Covered California? It's true, and here's how you can qualify for this limited-time offer.
Federal Poverty Level (FPL)
The first step is to determine your Federal Poverty Level (FPL). This is a measurement of your income, compared to the national average. If your income falls below a certain threshold, then you could be eligible for an enrollment subsidy.
Subsidy Eligibility Calculator
To find out whether or not you are eligible for subsidized coverage, use our Subsidy Eligibility Calculator. Based on your answers to a few simple questions, we can quickly tell you if you are eligible and what kind of coverage we can offer.
Enroll Now
Once you know whether or not you qualify, enroll now before time runs out and take advantage of this limited-time offer! With Covered California insurance coverage, you can enjoy peace of mind knowing that your health and well-being are protected.
Getting health insurance coverage for yourself and your family doesn't have to be complicated or expensive. Covered California provides easy and free enrollment for you and your family. By taking a few moments to explore the enrollment options, you can get the coverage you need to stay healthy and care for your loved ones.
Whether you’re looking for a comprehensive plan or something more tailored to your needs, Covered California can help you get the most out of your health insurance. Don’t wait to get the coverage you need. Take advantage of Covered California’s free enrollment in Los Angeles, CA Today!
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