1. Keep a watch on your mail for Form 1095-A: A Form 1095-A always helps in filing your federal taxes. If you’ve enrolled in a Marketplace healthcare plan in 2014, you’re supposed to receive this form in your mail by early February from the marketplace. This form comes with vital information like the monthly premiums you paid towards your Marketplace health plan and any advance payments of the premium tax credit paid to your healthcare plan in 2014.
2. Income tax return and final premium tax credit: Your final premium tax credit in 2014 will be calculated with your federal income tax return. This premium tax credit amount is computed based on your final income for the past year and you’ll come to know about the figure when you complete all the taxation procedures. If you have used less advance payments of premium tax credits than you’re eligible for, you’ll get a credit on your tax return. However, if you’ve taken more advance payments than what you’re eligible for, you might need to pay the difference with your tax return.
3. If you availed health plan later, use Form 8965: If you didn’t have any Marketplace healthcare coverage in the first half of 2014 and availed later, you’ll need to fill out Form 8965 from the IRS when you file your taxes. By doing this you’ll come to know in case you qualify for an exemption from paying a fee for the months you stayed uninsured.
4. You might need to pay a fee: Along with your annual returns you might need to pay a fee if you didn’t have any health coverage in 2014 and moreover, didn’t get an exemption.
5. Did you have health coverage from another source? If your 2014 health coverage was from another source other than Marketplace healthcare (such as from a job, Medicaid, Medicare, or a private plan), you’ll just need to check a box on your federal income tax form.