1099s...and Now 1095-A
prepared for this new IRS Form?
will be a new tax form filling mailboxes beginning January,
2015. This Form 1095-A (click
here for a DRAFT version) is a Health Insurance
Marketplace Statement. If you participate in the
Healthcare Marketplace, you will need this new form prior to
filing your tax return. Here is what you need to know.
Each year the tax-filing season begins with the receipt of
forms required to file your tax return. Employees receive W-2s
from their employers. Individuals receive various 1099 forms
for reporting interest, dividends, capital gains and
independent earnings as sole proprietors. If you used the
Healthcare Marketplace to purchase health insurance, you will
now need your 1095-A form to file your tax return.
Form 1095-A will provide you with a monthly recap of the
health insurance you purchased through the Healthcare
Marketplace. It will recap the name of the enrollee and any
other people covered within the health insurance. The form
will also summarize your health insurance policy including the
type of coverage and the dates of coverage.
What you need to know
information on this form is being sent to the IRS. If there
are errors in this form you should take steps immediately to
need this form to file your taxes. If you use the Healthcare
Marketplace do not file your tax return without receiving an
may receive multiple 1095-A forms. You should receive one Form
1095-A for each policy you have through the Healthcare
Marketplace. Receiving multiple forms may also occur if you
have non-dependents receiving coverage under your health
Tax Credit in your future? The information on the form will
help determine if you are eligible for the Premium Tax Credit
when you file your tax return.
Payments of the credit may create a tax obligation. Form
1095-A will show you any advance payments of your Premium Tax
Credit made to your insurance company. Excess Advance Premium
payments may have to be returned when you file your tax
the months of coverage. If you do not have health insurance
coverage for the entire year, this report may also be used to
determine if you owe shared responsibility taxes for part of
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always you can call me at 714-619-0667 if you have any
questions about investing, retirement or any other tax &
accounting related issues.
Regards, Monica Rebella, CPA/IAR
President, Rebella Accountancy