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Zaher Fallahi, Tax CPA, Taxpayers Will Use New Information Statement to claim Premium Tax Credit

posted Feb 8, 2015, 9:29 PM by Zaher Fallahi

The Affordable Care Act (ACA) is bringing several changes to the year’s tax filing season. If you or anyone in your household enrolled in a health plan through the Health Insurance Marketplace in 2014, you’ll get Form 1095-A, Health Insurance Marketplace Statement.

You will receive the new Form 1095-A from the Marketplace where you purchased the insurance coverage. This form should arrive in the mail from your Marketplace by early February. You will need this form before filing your taxes.

The 1095-A Form will show the dates of your coverage, total amount and monthly premiums for your plan. You will need this information to determine the amount of your premium tax credit, and any amounts of advance the premium tax credit payments. Zaher Fallahi, Tax CPA.

You will use the information to calculate the amount of your premium tax credit and reconcile advance payments of the premium tax credit made on your behalf to your insurance provider with the premium tax credit you are claiming on your tax return. 

In case you do not receive your Form 1095-A timely, you should contact the Marketplace from which you received insurance coverage. If you believe any information on your Form 1095-A is incorrect, you should contact them immediately. The Marketplace may need to send you a revised Form 1095-A.

You may receive more than one Form 1095-A if different members of your household had different health plans, you updated your coverage information during the year, or you switched plans during the year.

Zaher Fallahi, Tax CPA, assists clients with  tax preparation, tax planning, IRS representation, disclosing undeclared foreign bank accounts (offshore voluntary disclosure program, OVDP), report of foreign bank & financial accounts (FBAR, Foreign Account Tax Compliance Act (FATCA), Telephones:  (310) 719-1040 (Los Angeles), ( 714) 546-4272 (Orange County) or e-mail: