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1095 a Formor

1095 a Formor

1095 a Form

Visual aids are a must when starting out a letter. Here are 1095 a form with helpful phrasing & questions for your writing. Are you tired of writing emails and websites that are hard to get away from? There are too many of them and they have the same old content? I thought so.

Form

Form 1095-A gives you information about the amount of advanced premium tax credit (APTC) that was paid during the year to your health plan in order to reduce your monthly premium. This information was also reported to the IRS. The APTC paid on your behalf during the year was based on the annual income you estimated you would earn when you signed up for Marketplace coverage. Now you must file a federal income tax return to compute your actual income for that coverage year. You will have to include Form 8962 with your return. Instructions for this form will help you calculate how the APTC compares to the amount of premium tax credit you were eligible for. If your actual income was lower than what you estimated, you are eligible for a larger premium tax credit and can claim the difference as a refund when you file your tax return. If your income was higher than what you estimated, you are eligible for less premium tax credit and might have to pay back some or all of the difference when you file your return.

The IRS Form 1095-A is necessary to see if you got too much or too little of the advance premium tax credit. You can use the form to compare the amount of premium tax credit you used in advance during the year and the premium tax credit you qualify for based on your income for the year. The difference between these two numbers will affect your refund or tax owed. This process is called reconciliation. (Source: www.hrblock.com)

Tax

The Affordable Care Act, or Obamacare, includes both the individual mandate and the employer mandate. The individual mandate requires that most Americans have qualifying healthcare coverage or potentially face a fine. The employer mandate requires employers with 50 or more full-time equivalent employees to offer healthcare coverage to their full-time employees or potentially face a fine. Much like the Form W-2 is used to determine whether or not you owe taxes, the IRS will use the information reported from your Form 1095-C to determine whether you (or your employer) may have to pay a fine for failing to comply with the Affordable Care Act.

If you or a family member enrolled in healthcare coverage at any time in this tax year, you will receive a Form 1095 from the entity that provided the coverage. For example, if you were determined to be a full-time employee or were enrolled in coverage through your employer, you will receive a 1095-C from your employer. (Source: www.mytaxform.com)

 

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