Marketplace Health Insurance Tax Preparation,
Without the Stress
Buying health coverage through the marketplace adds one of the more misunderstood steps to a tax return. If you received a premium tax credit during the year, it was based on the income you estimated when you enrolled, and your return is where that estimate gets reconciled against what you actually earned. Earn more than you projected and you may have to pay part of the credit back. Earn less and you may be owed more. The marketplace sends a Form 1095-A that your return depends on, small differences in income can swing the result noticeably, and the rules around how much must be repaid have shifted in recent years. It is a step that rewards getting the numbers and the timing right.
Our office is at 12305 Gold Street in West Omaha. Some clients with marketplace insurance choose us because they know the price before we begin and deal directly with one credentialed professional throughout the process, not a seasonal tax preparer. Your return is prepared by a CFP® professional, CFA® charterholder, and Enrolled Agent. We respond promptly, even during tax season. Once your return is complete, you receive a recorded video that walks you through every number and what it means, so you understand what is being filed and why, and you are not required to pay until your return is ready to be filed.
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Some Situations That Might Apply to You If You Have Marketplace Health Insurance
You received a 1095-A and have to reconcile it
If you had a marketplace plan, you will receive a Form 1095-A, and your return has to reconcile the premium tax credit you received in advance against the amount you actually qualify for. That happens on Form 8962, and the outcome goes one of two ways: you either kept too much credit during the year and repay part of it, or you took too little and the difference comes back to you. The return cannot be completed accurately without the 1095-A, and the reconciliation is required even in a year the result is a wash. We handle the form and show you exactly why it landed where it did.
A marketplace plan is shared with someone you do not claim
Marketplace coverage does not always match up neatly with a single tax return. A child who is on a parent's plan but files their own return, divorced or separated parents sharing coverage for a child, or a household member you do not claim as a dependent all create a shared 1095-A that has to be split between returns. The premiums, the credit, and the benchmark plan figure get allocated by percentages the parties agree on, and if the allocation is inconsistent between the two returns, both can stall. We sort out the allocation so each return reports its correct share.
The IRS is holding your refund over a missing 1095-A
One of the most common reasons a refund gets held is a marketplace plan that was never reconciled. If the IRS has a record that you or someone on your return received a premium tax credit, it expects Form 8962 with the return, and without it the refund waits. Sometimes the 1095-A never arrived, sometimes it was set aside, and sometimes it was wrong and needs a correction from the marketplace. None of it is hard to resolve once the right form is in hand, and we can help prepare the reconciliation or the response that releases the refund.
We also help with related situations, including HSAs, self-employed tax returns, and family and dependent tax preparation. Or browse every income tax situation we help with.
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