While Covered California does a great job of marketing their services as an individual and family health insurance marketplace, the ultimate connection of reporting health insurance coverage to the IRS is not a central part of Covered California consumer education.
The 1095-A Health Insurance Marketplace Statement doesn’t give a clue on how the Monthly Advance Payment of Premium Tax Credit is calculated. Even though consumers who purchased health insurance through the Marketplace entered their Modified Adjusted Gross Income (MAGI) into the enrollment system, this income in not listed on the 1095-A they receive. The MAGI […]
The IRS has published a taxpayer friendly guide to assist individuals and families with attempting to calculate their Affordable Care Act tax credits. The focus of IRS Publication 5187 Health Care Law: What’s New for Individuals & Families is on the Shared Responsibility Payment (individual mandate penalty) and calculating eligible Premium Tax Credits for 2014. Pub. 5187 is […]