For 2017 you will have to do one of the following on your tax return.
Report Health Care Coverage. Check the Full-year coverage box on line 61 to indicate that you, your spouse (if filing jointly), and anyone you can or do claim as a dependent had qualifying health care coverage throughout 2017. If you (and your spouse, dependents) had health insurance through your employer all year you will check this box.
Claim a Coverage Exemption. There are a variety of exemptions available. Some are claimed directly on the tax return while others have to be applied for. Attach Form 8965 to claim an exemption from the requirement to have health care coverage. For more information, call us at (801) 210-1553 or go to IRS.gov/Form8965.
Make a Shared Responsibility Payment. Make a shared responsibility payment if, for any month in 2017, you, your spouse (if filing jointly), or anyone you can or do claim as a dependent didn’t have coverage and doesn’t qualify for a coverage exemption. Great news, the recently passed tax bill makes this go away for next years return!
Recapture the Premium Tax Credit The premium tax credit is a credit that helps pay premiums for health insurance purchased from the Marketplace. Eligible individuals may have advance payments of the premium tax credit made on their behalf directly to their insurance company. Everyone is required to reconcile any advance payments of the Premium Tax Credit they may have received when they file a return.
If you or a family member enrolled in health insurance through the Marketplace and advance payments of the premium tax credit were made to your insurance company to reduce your monthly premium payment, you must attach Form 8962 to your return to reconcile (compare) the advance payments with your premium tax credit for the year.
The Marketplace is required to send Form 1095-A by January 31, 2018, listing the advance payments and other information you need to complete Form 8962.
If you or someone in your family had health coverage in 2017, the provider of that coverage is required to send you a Form 1095-A, 1095-B, or 1095-C (with Part III completed), that lists individuals in your family who were enrolled in the coverage and shows their months of coverage. You may use this information to help complete line 61. You should receive the Form 1095-A by early February 2018 and Form 1095-B or 1095-C by early March 2018, if applicable. You don’t need to wait to receive your Form 1095-B or 1095-C to file your return. You may rely on other information about your coverage to complete line 61. Don’t include Form 1095-A, Form 1095-B, or Form 1095-C with your tax return.
If you or someone in your family was an employee in 2017, the employer may be required to send you a Form 1095-C. Part II of Form 1095-C shows whether your employer offered you health insurance coverage and, if so, information about the offer. You should receive Form 1095-C by early March 2018. This information may be relevant if you purchased health insurance coverage for 2017 through the Health Insurance Marketplace and wish to claim the premium tax credit on line 69. However, you don’t need to wait to receive this form to file your return. You may rely on other information received from your employer. If you don’t wish to claim the premium tax credit for 2017, you don’t need the information in Part II of Form 1095-C. For more information on who is eligible for the premium tax credit, see the instructions for Form 8962.
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