Marketplace Health Insurance Tax Preparation,
Without the Stress
Buying health insurance through the marketplace adds an important step to your tax return. If you received a premium tax credit during the year, the amount was based on the income you estimated when you enrolled, and your return reconciles that estimate with what you actually earned. If your income was higher than expected, you may have to repay part of the credit. If it was lower, you may qualify for more. The marketplace provides Form 1095-A, which is needed to complete the calculation, and even small income differences can affect the result. Because the repayment rules have changed over time, getting the income and timing right matters.
Our office is located at 12305 Gold Street in West Omaha. Clients with marketplace health insurance choose us because they know the price before work begins and work directly with one credentialed professional throughout the process, rather than a seasonal tax preparer. Your return is prepared by a CFP® professional, CFA® charterholder, and Enrolled Agent who responds promptly, even during tax season. Once the return is complete, you receive a recorded video explaining the premium tax credit, the income reconciliation, and what each number means. Payment is not due until your return is ready to file.
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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 marketplace coverage, you will receive Form 1095-A, and your return must reconcile the premium tax credit paid in advance with the amount you actually qualify for. That calculation is completed on Form 8962 and can produce one of two results: you received too much credit and must repay part of it, or you received too little and may get the difference back. Your return cannot be completed accurately without Form 1095-A, and the reconciliation is required even when the result is zero. We handle the calculation and explain exactly how the final amount was determined.
A marketplace plan is shared with someone you do not claim
Marketplace coverage does not always align neatly with a single tax return. A child on a parent’s plan who files separately, divorced or separated parents sharing coverage for a child, or a household member you do not claim as a dependent can all create a shared Form 1095-A that must be divided between returns. The premiums, tax credit, and benchmark plan amount are allocated using percentages the parties agree on. If the allocations do not match across both returns, processing can be delayed. We determine the proper split so each return reports its correct share.
The IRS is holding your refund over a missing 1095-A
One common reason a refund is delayed is a marketplace plan that was never reconciled. If the IRS shows that you or someone on your return received a premium tax credit, it expects Form 8962 to be included. Without it, the refund may be held. Sometimes Form 1095-A never arrived, was overlooked, or contains an error that must be corrected by the marketplace. Once the proper form is available, the issue is usually straightforward to resolve. We can prepare the reconciliation or help respond to the IRS so the refund can be released.
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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