Home Finance Quick Tips for ‘Adjusting’ Your Taxes

Quick Tips for ‘Adjusting’ Your Taxes

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If someone in your household had Marketplace health coverage in 2020, you should have already Form 1095-A, Health Insurance Marketplace® Statement. (If you have not received the form online or by mail, Contact the Marketplace Call Center.)

How to Use Form 1095-A

  • If your form is accurate, you will use it to “adjust” your premium tax credit. If there are errors, contact the call center. We’ll send you a new, updated one. Don’t file your federal taxes unless you have them.
  • To “reconcile,” you’ll compare the amount of the premium tax credit you’ve used in advance during 2020 against the premium tax credit you actually qualify for based on your final income for the year. Any difference will affect the amount of your refund or taxes you will pay.
  • Received Step-by-Step Guide to “Adjustments” Your premium tax credit.

Was there no marketplace coverage in 2020?

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