Don't Forget Your 1095-A

There are three forms you should have received in the mail this year and those are forms 1095-A, B, and C.  These forms come from the Marketplace (A), other insurers (B), or your employer (C), and their official purpose is to be your proof of qualifying health coverage.

1095-A
You should have received this document already, but if you haven't there are still ways to get it or file without the form.  This is important to save and file with your return because it exempts you from having to make a "shared responsibility payment," or penalty under the Affordable Care Act.  However, if you have made more in 2015 than you had anticipated, you may end up owing back any Advanced Premium Tax Credits you've received throughout the year.

1095-B & 1095-C
This means you've obtained insurance through your employer or private means.  The important thing is to save these documents along with your annual tax files.  If you've switched coverage, you will receive these forms for each of the plans that you've held.  If you haven't gotten your 1095-C yet, it may still be on its way.  In December, an extension was granted for these forms and may arrive past the March 31 deadline.

Those with a 1095-A don't be caught off guard this year with a bigger tax liability than expected!  But also, congratulations on making more than you anticipated.