Posted on: February 15, 2017

Health Insurance and Taxes: What’s Important?

Federal rule states that if a household doesn’t file their taxes for prior years when they received tax credits, then they risk not getting tax credits in the future.

Tax credits are available to qualifying individuals and families in advance to help pay for their monthly premium, or they can claim their tax credits as a lump sum when they file their taxes.

However, to continue getting tax credits in advance, customers who received tax credits must correctly file a federal tax return, even if they don’t usually have to file taxes. Those who have not filed or filed incorrectly won’t be eligible to receive tax credits in the future.

If you need help filing your taxes, or have questions about your tax return, contact the IRS or a tax professional. You can also read more about the 1095-A tax form that you’ll need to file your taxes.

Even more information is available from the IRS: