Tax Season is here and no you don't have to be a master at tax law to prepare and file your taxes for free. In Philadelphia and New Jersey, The Campigan for Work Families has sites and various hours in Philadelphia and various New Jersey locations. We are also in need of volunteers, you can attend a training or go online to learn how to prepare taxes for families and small businesses.
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2015 taxes & your health insurance
If you had health coverage through the Health Insurance Marketplace or another source in 2015, you may have to include information about it when you file your federal taxes. If you didn’t have coverage, you may have to pay a fee.
See all available health care tax forms, instructions, and tools.
The most important things to know:
You must file a tax return for 2015
If you were enrolled in a plan through the Health Insurance Marketplace in 2015 and used premium tax credits to lower your monthly payments, you must file a federal income tax return for 2015 — even if you usually don’t file or your income is below the level requiring you to. (The premium tax credit is sometimes called a “subsidy,” “discount,” or “savings.”)
You’ll get Form 1095-A by early February
If anyone in your household was covered by a Marketplace plan in 2015, you’ll get Form 1095-A, Health Insurance Marketplace Statement.
- It includes information about Marketplace plans anyone in your household had in 2015.
- It comes from the Marketplace, not the IRS.
- You’ll get it in the mail by early February. If you have an online Marketplace account it’ll be there too — maybe before it comes in the mail.
You’ll use information from your 1095-A to complete Form 8962, Premium Tax Credit. This is how you’ll “reconcile” — figure out if you used the right amount of tax credit during the year.
You’ll need to “reconcile” your premium tax credit
If you had a 2015 Marketplace plan and used premium tax credits (also known as “subsidies,” “discounts,” or “savings”), you’ll have to “reconcile” when you file your federal taxes. This means you’ll figure out if you used more or less tax credit than you qualify for. You'll compare two figures:
- The amount of premium tax credit you used during the year. (This was paid directly to your health plan so your monthly payment was lower.)
- The premium tax credit you actually qualify for based on your final 2015 income.
If you had other health coverage, you won’t get a 1095-A
Depending on what kind of coverage you had in 2015, you may get a different form — 1095-B or 1095-C. Or you may not get any form.
If you get a 1095-B or 1095-C, you don’t need to include it when you file your federal taxes. Read the instructions on the back of the form and keep it in a safe place with your other tax documents.
If you didn’t have any health coverage in 2015, you must pay a penalty or claim an exemption
- The penalty for not having coverage in 2015 is $325 per adult or 2% of your household income, whichever is higher. Learn more about the 2015 penalty.
- Exemptions from the requirement to have coverage are available based on health coverage or financial status, certain hardships, some life events, and membership in some groups. Learn about exemptions from the health coverage requirement.
Get help with taxes
- Find out where to get free volunteer tax help.
- https://www.healthcare.gov/taxes/
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