Received a Tax Subsidy to Offset Health Insurance Costs? Don’t Forget to File Your Taxes!

UPDATED 8/27: If you were one of the many who purchased a Marketplace insurance plan for 2014 and received government subsidies also known as an advanced premium tax credit to help offset the costs, you may not be aware you are required to file your 2014 taxes and report the advanced premium tax credit received. Filing your 2014 federal taxes is also the only way that you can qualify for advance payments of the premium tax credits for your Marketplace health insurance coverage in 2016.

Even if you previously weren’t required to file taxes due to lower income in the past, you are now required to file your taxes if you received an advanced premium tax credit and you want claim a future subsidy.

You may have received a letter from the IRS (either 5591, 5591A or 5596) asking you to file your taxes and report the advanced premium tax credit you received for your 2014 health insurance. Whichever letter you got, it’s just a simple reminder to get it done as soon as you can and to include Form 1095-A and 8962 with your return. If you haven’t done it before, TurboTax will help you easily file your taxes, all the forms you need and calculate if the advanced premium tax credit your received matched your actual income and adjust your refund if for some reason you made more or less than you estimated for the Marketplace.

We are here to help. Filing with TurboTax is super easy, even for first-time filers and you may be able to file your federal taxes for free before October 15th. We will guide you through filing your taxes by asking simple questions and calculate the math for you based on your entries. Plus, all health care tax forms are included for free. So what are you waiting for? Time to get started!