Do I Need To Report My Health Insurance On My Taxes?

If you had health insurance during the year, chances are you received a 1095 tax form and you may be wondering: Do I need to report my health insurance on my taxes and how will it affect me?

Read on to find out what the kinds of health insurance forms are and if you need to include them when you file your personal income taxes.

1095-A

If you received a form 1095-A, you need to report it on your tax return. This form is for health insurance provided through the marketplace and is required to be submitted alongside your federal tax return.

This health insurance program functions as an advanced tax credit, where the government subsidizes your health insurance based on your income, and the credit is reconciled when you file your federal tax return.

If your income is higher than what was reported when you signed up for insurance, you may be required to pay back some of the premiums, and if the income was lower than reported, you may be entitled to a refund.

If you don’t know how to find your 1095-A form, there are a couple of ways to do so.

• Log on to healthcare.gov and find the form in the “Notices” section of your account
• Call your health insurance agent and ask them to provide you with a copy of the form
• Call the health insurance marketplace directly at 1 (800) 318-2596 and ask them to issue you or read you the information from the form

If you forget to include this form, the IRS will send a letter requesting the information.

You can also call the health insurance marketplace if you are unsure about whether or not you received Obamacare insurance during the year. Please know that even if you only had this insurance form for 1 day out of the year or never used the insurance, you are still required to file the form with your taxes.

1095-B or 1095-C

If you received either form 1095-B or 1095-C, this means you were on employer-provided health insurance. You do not need to file this form with your taxes.

This form is for informational purposes to show you how much was contributed by you and your employer. For your own record and knowledge, it is good to keep this file for your record, but you do not need to include it when you go to file your personal income tax.

Bring your health insurance form to your tax preparer

Once you receive all of your tax forms, including your health insurance forms, bring these to your tax preparer, or come by or reach out to our office for help on reporting your health insurance on your tax return.