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الجمعة، 26 فبراير 2016

How to “reconcile“ your 2015 Marketplace premium tax credit

If you had a 2015 Marketplace health plan and used premium tax credits to lower your monthly payment, you'll need to "reconcile" when you file your federal tax return. Reconciling can affect either the amount of your refund or the amount of tax you owe.

To reconcile, you'll compare 2 figures:

  • The amount of premium tax credit you used in advance during the year. (This was paid directly to your health plan so your monthly payment was lower.)
  • The premium tax credit you actually qualify for based on your final 2015 income.

If you used more premium tax credit than you qualify for, you’ll pay the difference with your federal taxes. If you used less, you'll get the difference toward a refund.

See a step-by-step guide to reconciling your premium tax credit.

IMPORTANT You must have your Form 1095-A to complete this process. Don’t have your 1095-A? See how to find it.



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