Anybody covered under Obamacare or with the Marketplace needs to know about the impact of their health insurance on their tax returns. Your health insurance enrollment is tied directly to your return, and you’re going to need a form from the government called IRS Form 1095-A.
Wherever you are, if you’re on the Marketplace, you’ve received an email saying that this form is available. The government will get those mailed out to you. But if you’re here within St. Louis or you’re within our agency, we’d be happy to get that form for you, and we can get that sent out to you as well.
An excellent reason to use a local insurance agent is for easy access to your IRS Form 1095-A. So anybody here in St. Louis or wherever you might be, if there’s something that our agents could help with on getting that, you should feel free to contact us.
Your Tax Preparer Needs Your Form 1095-A
As you do your taxes this year, you will need to fill out Form 1095-A and give that to your tax preparer because that’s an additional form that will be part of your Form 1040 tax return when you file once a year.
Your earnings will actually determine what your health insurance premium is going to be. So, unfortunately for some of us, maybe we paid too little premium throughout the year, and now we’re going to owe money back to the government along with our taxes. Or, on the inverse, maybe I had a loss of income and I overpaid in my premium. I’ll get an additional refund. But it will be determined with that form that your tax preparer needs to use for your 2023 tax return.
Reviewing Your Health Insurance Premium for Next Year
I would suggest then once that is done, you go back to your local agent and say, “Let’s review my income and my subsidy for 2024 to see if I should make some adjustments or changes on that.”
Welcome to 2024. We’re in tax season. Any help with any questions or anything that we can help you with, please call our office at (314) 544-5400.
