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Video instructions and help with filling out and completing IRS 1095-A 2021 Form

Instructions and Help about IRS 1095-A 2021 Form

What's going on Alex here and today I'm going to talk about the tax implications of form 1095-a now specifically I'm addressing a question from reddit that we're gonna check out right now all right so taking a look the topic of the day is 1095 a is kind of screwing me and this question is asked by let's just say already user not even gonna go there so says here I was filing my taxes like normal see that I'll be getting around the grand as a return I'm assuming that means refund then I put in my 1095 a form to find out that now I owe $400 what's the deal I'm being punished for having health insurance now after I pay my health insurance bills every month - WTF well I'm gonna tell you what WTF now to understand exactly what transpired here we need to get an idea of what form 1095 you even reports in the first place right makes sense let's pull that form up and here it is and all of its beauty and splendor it's quite nice the function is strong on this one now we want to take a look specifically in column C of part three of form 1095-a and we see that it reports the monthly advance payment of premium tax credit what does all that mean quite simply if you purchase health coverage from one of these exchanges that are available online or these health care marketplaces then depending on what you put in in terms of what you expect your income to be your household size and so forth that those demographic details you may have qualified for the advanced premium tax credit and what's happening there is if the health plan you chose has a premium of let's say $500 per month and you qualify based on your income and household size and so forth you may have also received a tax credit that helped offset some of those health care premiums so instead of paying 500 a month your premium may have come out to 200 a month because you're getting 300 a month subsidized so essentially what's happening is the government is paying those amounts to the health insurance companies on your behalf on a monthly basis so that you only pay out-of-pocket your net premium after that credit has been taken into account now throughout the year that may very well be the case over 12 months your premium would have been 500 you're getting a subsidy of 300 so you're paying 200 out-of-pocket throughout the year when you file your returns for the year the form 1095-a is gonna come in the mail and when you look at it you'll see the monthly premiums and don't worry about column B for now it gets a little technical there what that really means but the important figure there is the monthly advance premium tax credit all right so that was the ...

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