Even if in the past your income has never been high enough for you to need to file a tax return, you may need to file this year. That’s because everyone who purchased health insurance off the health exchange last year is required to file.
The health exchange will be mailing out Form 1095-A to all those who were issued coverage via the exchange. This will indicate everyone in the family covered by the policy purchased, the monthly premium, and any advance credit payments. Use Form 8962 to determine any credit owed, include any advance payments. This form will determine if the taxpayer will receive any additional tax credit on the tax return, or in the case where the taxpayer receiver too much advance payments, the taxpayer will owe additional monies to the government.
Each member in the family filing a return will need to use the 1095-A. That means that adult college students will need copies of their parents’ form to complete their tax return if insurance was purchased from the exchange.