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Video instructions and help with filling out and completing IRS 1095-A 2024 Form

Instructions and Help about IRS 1095-A 2024 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 an is kind of screwing me and this question is asked by let's just say already user not even going to 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 going to 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 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...