Taxes and Healthcare FAQsPosted on Mar 24, 2016 in Main
Frequently Asked Questions
about How Taxes Affect Healthcare Coverage
The Department of Human Service cannot provide tax advice. Because our Med-QUEST Division helps individuals and families get health insurance through HealthCare.gov, we are providing some basic information to help you understand how your tax filings can affect your healthcare coverage.
What happens if I don’t file my taxes?
More specifically, filing taxes allows you to reconcile the amount you received in tax credits. If you do not file your taxes and reconcile those amounts, you may not be eligible for tax credits for 2017 healthcare coverage. This can translate to significantly higher out-of-pocket costs for you when it comes to healthcare coverage.
The Taxpayer Advocate Service provides important information about how APTC affect you and the importance of filing taxes in a special webpage on these credits.es here
But I don’t make enough income to file, do I still need to do something?
I don't know if I got advanced premium tax credits. How can I find out if I received them?
Are there any community, free or reduced-fee tax services that can help me understand how APTC may affect my taxes?
Will I owe money if I file for APTC?
Additionally, filing your taxes and accounting for those APTC ensures you can receive tax credits again in 2017. In other words, it will make it possible for you to get financial assistance later on that you will not be able to get if you do not file a tax return.
What is an advanced premium tax credit (APTC)?
What is a Form 1095?
If you received a 1095-B or C form, then you received your health insurance through your employer and did not receive those tax credits. Some employers may not automatically provide you with a Form 1095 because they are not needed for filing.
Healthcare.gov provides assistance on these forms and how it may affect how you file your taxes.