Published on April 7, 2016
Attention: The deadline to file 2015 federal income taxes is April 18th. You have just over one week to file.
No matter how you got your 2015 health coverage — through the Marketplace, your job, or another source — you must report your 2015 health coverage status to the IRS when you file.
4 things to know if you used premium tax credits with your Marketplace plan in 2015
- You must file a 2015 tax return and “reconcile” your health insurance tax credit on your return.
- This means you compare the amount of tax credit you used in advance during the year with the amount you actually qualify for based on your final income.
- If you used more health insurance tax credit than you qualify for, you’ll pay the difference with your federal taxes. If you used less, you’ll get the difference as a credit.
- If you don’t file a 2015 tax return and reconcile, you could lose any advanced payments of the premium tax credit beginning in 2017.
Ready to get started? Choose the situation that best applies to your health insurance in 2015. You’ll get step-by-step directions and the health insurance tax forms you need.