Please refer to the attached questions and answers that will help you assist you clients as they prepare to submit their 2014 taxes.
Tax Q&As for On-Exchange Members
Includes: Exchange members, both in state and federal exchanges
Q1: I’ve heard that my health coverage may impact my taxes. Is that true?
A1: Yes, your 2014 health coverage affects your income taxes in two ways.
1) Federal tax law requires everyone either to have had health care coverage, or to have received an exemption from this requirement in 2014. If you/and or your dependents did not have an exemption and did not have qualifying health coverage in 2014, then you may owe a penalty—called a shared responsibility payment—with your tax return.
For more information about qualifying for an exemption from health coverage, contact your marketplace or visit https://www.healthcare.gov/fees-exemptions/exemptions-from-the-fee/.
2) If you received federal financial assistance in 2014, you will need to report the amount you received on your federal taxes.
a) If the amount of assistance was less than the premium tax credit that you qualified or, then you should receive a credit.
b) If the amount of assistance you received was more than the premium tax credit that you qualified for, then you may need to pay some or all of the advance payment of the premium tax credit back.
c) You may have to complete one or two new tax forms.
For more information on how health coverage may impact taxes, contact your marketplace, or visit https://www.healthcare.gov/taxes/ or http://www.irs.gov/ACA.
| Region | URL | General Information Phone Numbers |
| DC | dchealthlink.com | 1-855-532-5465 and TTY 711-1-532-5465 |
| Maryland | marylandhealthconnection.gov | 1-855-642-8572 and TTY 1-855-642-8573 |
| Virginia | healthcare.gov | 1-800-318-2596 and TTY 1-855-889-4325 |
You will use the information on the 1095-A statement to complete Form 8962, Premium Tax Credit (PTC). You should file Form 8962 with your 1040 tax return if you want to claim the premium tax credit or if you received advance payments (APTC) made to your health plan.
For more information on the 1095-A statement, contact your marketplace, or visit https://www.healthcare.gov/taxes/ or http://www.irs.gov/ACA.
For more information on Form 8962 and Form 1040, visit http://www.irs.gov/ACA. You can also find copies of Form 8962 and Form 1040 on http://www.irs.gov/ACA.