Health Insurance Tax Form and Exemptions | H&R Block
February 18, 2016 : H&R Block
Editor’s Note: Filing a tax return is a bit different this year… For the first time taxpayers need to include information about health insurance coverage on their taxes. So, do you feel like you need help with Affordable Care Act tax forms? Listen up!
Whether you received a 1095 form (these forms will be new to a majority of taxpayers), or you qualified for an exemption that allows you to not have health insurance, or you are somewhere in between, we can tell you exactly how to file.
Our tax professionals will help you navigate the Affordable Care Act requirements and the impact to your tax return. This includes helping you understand your 1095 form, explaining penalties, finding possible exemptions, reconciling the Advance Premium Tax Credit and enrolling in a health insurance plan (deadlines do apply however).
For more information on any of these health insurance tax forms and exemptions, click on the related links below or make an appointment to meet with your local H&R Block tax professional:
- Form 1095: This form reports information about your health insurance coverage over the last year. There are three different versions, depending on what type of coverage you had: A, B and C. Learn more about 1095s.
- Premium Tax Credit: If you received a subsidy to help pay for your health insurance, you’ll have to reconcile what you got with what you actually qualified for, based on your income in 2015. Learn more about the PTC.
- Exemptions: Claiming an exemption allows you to forego having health insurance for reasons such as too little income, being incarcerated or other hardships. If you got an exemption, you’ll have to complete a special form on your taxes. Learn more about Marketplace exemptions.
For information on these and many other topics on health care and taxes, visit our ACA section on the blog.
Taxes are complicated. We’ll make sure you’ve got it right. Hopefully this post offered more help with the Affordable Care Act and your taxes. For more information on this topic, head to H&R Block “Get Answers“.