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.