Printed on April 7, 2016
Consideration: The deadline to file 2015 federal earnings taxes is April 18th. You will have simply over one week to file.
Regardless of how you bought your 2015 well being protection — by way of the Market, your job, or one other supply — it’s essential to report your 2015 well being protection standing to the IRS if you file.
4 issues to know in case you used premium tax credit together with your Market plan in 2015
- You should file a 2015 tax return and “reconcile” your medical insurance tax credit score in your return.
- This implies you evaluate the quantity of tax credit score you used upfront in the course of the 12 months with the quantity you truly qualify for primarily based in your closing earnings.
- Should you used extra medical insurance tax credit score than you qualify for, you’ll pay the distinction together with your federal taxes. Should you used much less, you may get the distinction as a credit score.
- Should you don’t file a 2015 tax return and reconcile, you possibly can lose any superior funds of the premium tax credit score starting in 2017.
