Contact UsDo you what form I should receive from my insurance company to confirm I had health insurance in 2014 that complies with the federal mandate
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Tax Professional Answers
Caran Ebert, CPA
You WILL NOT RECEIVE any form from your insurance company to confirm anything about your health insurance in 2014. Logically, it would be impossible for the insurance companies to issue a form for each insurance policy because it would require giving a form to each person listed on the policy. (See my other article about Health Insurance for Real Americans) Both Form 8965 and Form 8962 will require that you know amounts and/or months you had insurance if you did not have FULL YEAR COVERAGE.
Among the new issues on your 2014 federal tax return are several considerations about your individual or shared responsibility to comply with mandatory health insurance. You must either:
1. Indicate (by checking a box) on your 2014 federal income tax return that you, your spouse (if filing jointly), and your dependents had health care coverage throughout 2014;
2. Claim an exemption from the health care coverage requirement for some or all of 2014 (only available at the federal or your state Marketplace, also known as the Exchange) and attach Form 8965 Health Coverage Exemptions to your return; or
3. Make a shared responsibility payment if, for any month in 2014, you, your spouse (if filing jointly), or your dependents did not have coverage and do not qualify for a coverage exemption. Shared responsibility requires filing Form 8962 Premium Tax Credit (PTC).
4. AND You may be eligible to claim the Premium Tax Credit (PTC) on Form 8962 if you, your spouse, or a dependent enrolled in health insurance through either the federal or your state Health Insurance Marketplace also known as the Exchange.
According to IRS, ONLY one form will be sent out to taxpayers about the mandatory health care compliance. Form 1095-A Health Insurance Marketplace Statement will be mailed out if you enrolled or purchased insurance at a federal or state Health Insurance Marketplace also known as the Exchange. Form 1095-A is issued to reconcile the shared responsibility for your health insurance costs on Form 8962 the reconciliation of the subsidy you received and/or tax credit that you may qualify for.
All 2014 forms and instructions are available for download at www.irs.gov. For an easy-to-read tax guide from IRS download Publication 17 – Your Federal Income Tax - For Individuals. Create an account on the IRS website to get transcripts, check on your refund, and download other easy-to-read tax guides.
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455 weeks ago
Among the new issues on your 2014 federal tax return are several considerations about your individual or shared responsibility to comply with mandatory health insurance. You must either:
1. Indicate (by checking a box) on your 2014 federal income tax return that you, your spouse (if filing jointly), and your dependents had health care coverage throughout 2014;
2. Claim an exemption from the health care coverage requirement for some or all of 2014 (only available at the federal or your state Marketplace, also known as the Exchange) and attach Form 8965 Health Coverage Exemptions to your return; or
3. Make a shared responsibility payment if, for any month in 2014, you, your spouse (if filing jointly), or your dependents did not have coverage and do not qualify for a coverage exemption. Shared responsibility requires filing Form 8962 Premium Tax Credit (PTC).
4. AND You may be eligible to claim the Premium Tax Credit (PTC) on Form 8962 if you, your spouse, or a dependent enrolled in health insurance through either the federal or your state Health Insurance Marketplace also known as the Exchange.
According to IRS, ONLY one form will be sent out to taxpayers about the mandatory health care compliance. Form 1095-A Health Insurance Marketplace Statement will be mailed out if you enrolled or purchased insurance at a federal or state Health Insurance Marketplace also known as the Exchange. Form 1095-A is issued to reconcile the shared responsibility for your health insurance costs on Form 8962 the reconciliation of the subsidy you received and/or tax credit that you may qualify for.
All 2014 forms and instructions are available for download at www.irs.gov. For an easy-to-read tax guide from IRS download Publication 17 – Your Federal Income Tax - For Individuals. Create an account on the IRS website to get transcripts, check on your refund, and download other easy-to-read tax guides.