Tag Archives: Health Insurance Marketplace

The Health Insurance Marketplace sells four different types of plans: bronze, silver, gold, and platinum. These four plans provide varying levels of coverage, and the cost varies, with platinum plans being the most expensive. The Second Lowest Cost Silver Plan (SLCSP) is the silver plan that has the second to least expensive available in the […]

Getting Familiar with the Form 1095-A

This tax season, you may receive a new statement that you aren’t entirely familiar with. With the implementation of the Affordable Care Act last year, taxpayers who bought their health insurance through the Marketplace will receive Form 1095-A, Health Insurance Marketplace Statement. The IRS does not supply the form to you, but instead you will […]

Generally, many people are required to file a tax return, which is why they do. But even if you don’t have to, you may still want to. There’s a chance you may be eligible for a tax refund and not even know it. The following six items may give you reason enough to file a […]

Many people instinctively file their tax returns, which is great, because most people are required to file. However, some people aren’t required to file, though it may be beneficial to them to do so. If you are filing a tax return, you’ll want to pay attention to some new rules taking effect this year. Use […]

Premium Tax Credit Affects Your Return

This year, the Affordable Care Act will affect your tax return. If you are one of the millions of Americans who purchased health insurance through the Marketplace, you may qualify for tax assistance that can help lower the amount of your monthly premiums. The premium tax credit allows taxpayers to choose whether to pay the […]

This year, income tax time can become quite a headache if you’re not familiar with the health insurance requirements. The Affordable Care Act, also called Obamacare, affects just about every American at tax time. This is due to a mandate that requires every taxpayer to have health insurance, along with a subsidy to help lower […]

What is Minimum Essential Coverage?

Minimum Essential Coverage is the health care plan that meets the lowest requirements of the Affordable Care Act, and will help taxpayers avoid penalties assessed for not having insurance. Taxpayers must have minimum essential coverage during the tax year, or they can face a fee for each month that they aren’t covered. However, there is […]

Before you file your 2014 federal taxes, you should be aware of how the Affordable Care Act will impact your return. Depending on if you have health care coverage and where you received it from, you may notice a larger impact this tax season. Many taxpayers have healthcare coverage through their employers, government provided plans […]

The tax season is rapidly approaching, and it’s as good a time as any for taxpayers to make sure they understand the relationship between their health insurance tax credit and the two tax forms which help calculate the amount of credit an individual is due. For 8962 (Premium Tax Credit) and Form 1095-A (Health Insurance […]