How do health care reform and taxes connect? The Affordable Care Act is single largest change to the tax code in two decades. Find help navigating the complexities of the new health care legislation, Medicare, Medicaid and other medical deductions.
01-29-2018 01:52 PM
01-29-2018 03:32 PM
What if I am receiving premium tax credits? I spoke to my state's health insurance marketplace where I enrolled for Obamacare. They said that I would have to report that I am receiving premium tax credits through the government to help financial pay for health insurance using 1095-A. Is this for 2017 taxes when filing in 2018? Or, is this for 2018 taxes when filing in 2019?
01-29-2018 05:48 PM
You are receiving PTC in 2018. So you will receive Form 1095-A in about a year (Jan. 2019) for completing your 2018 taxes. For 2017, you had insurance via your parents so PTC does not apply.
03-09-2018 06:17 PM
Note that if you're covered on your parents' plan for 2017 and it was through the Marketplace, you and they will have to fill out Part IV of Form 8962 to allocate payments if you're filing your own tax return and your own personal exemption.
If your parent's plan is through their employer, this isn't necessary.