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FAQs for 2021 Tax Season (for filing 2020 tax return) Help During Tax Season Page 1: • What would happen if I received an advance tax • What is Form 1095-A? credit and I do not complete Form 8962 with my • How can I find my Form 1095-A? federal income tax return? • Why do I need Form 1095-A? • What should I do with my Form 1095-A? Page 4: • • What information is provided on Form 1095-A? Where can I find Form 8962? • I received a corrected Form 1095-A after I filed my HEALTHSOURCE RI FACTS Page 2: taxes. Do I need to amend my income tax return? • The information on my 1095-A isn’t correct…? • What would happen if I received an advance tax • Why did I receive more than one Form 1095-A? credit and I do not complete Form 8962 with my federal income tax return? & DATES• Will I receive Form 1095-B for my Medicaid • coverage in 2020? I’ve always filed using Form 1040EZ. Can I use 1040EZ if I received a premium tax credit? • What if I didn’t receive advance tax credits? • My income is less than the filing limit, but I did • One of my Form 1095-As has an X in the “Corrected” receive a tax credit. Do I have to file? box. What does this mean? • My Form 1095-A shows I had coverage for six • How do I get another copy of my Form 1095-A? months and received a tax credit during each of • HealthSource RI sent the Form 1095-A to my those six months. But I didn’t have any coverage for ex-spouse. Can I get a copy? the rest of the year. Do I have to pay back the tax • I forgot to report a change in my income or my credit for those six months? family size…? • I can’t pay what I owe on my taxes by April 15. What should I do? Page 3: • I might have gotten some information wrong on my • My Form 1095-A says I received a tax credit during a application for coverage. What’s the worst that can month when I didn’t pay my monthly premium. happen on my taxes? Why does this say I received a tax credit for a month • that I did not pay for? What if I made a mistake in reporting my income and got too much in tax credit? Is there a limit to • Can my tax preparer call HealthSource RI with how much I have to pay back? questions about the Form 1095-A on my behalf? • I was uninsured for some of the year. Do I owe Page 5: anything for the months I was uninsured? • I am married and I got a tax credit, but I file • Does Form 1095-A have any impact on my state separately from my spouse. Can I still file income taxes? separately? • Can my tax preparer help me estimate my income or • What is an Exemption? tax family size for my enrollment this year? • What is the penalty for not having insurance in • Can I take less tax credit in advance and still get however much is owed to me when I file 2020? my taxes? • Can HealthSource RI help me complete my income Page 5: tax return? • Where can I find more information on the need to • How do I use Form 1095-A to fill out my have coverage in 2020 and any exceptions to this Form 8962? requirement? Frequently Asked Questions Q: What is Form 1095-A? If you enrolled in health insurance through A: Form 1095-A is a form you may need in order to fill HealthSource RI without a tax credit (meaning you paid out your federal and state income taxes. You should the full monthly premium), you may use Form 8962 to keep it with all your tax records so you can use it when determine if you are eligible for a tax credit when you you are ready to file. file your taxes. Form 1095-A is produced by HealthSource RI for any individual or family who enrolled in health insurance For tax years 2020 and later, you may need Form 1095- for any period of time last year. It has information A to complete your state income tax return. The Rhode about the health insurance you and your family Island state tax return will ask if you and members of members received through HealthSource RI (there is your tax household had health insurance coverage more information about form 1095-A in several of the during the year. Form 1095-A can be used to remind questions below). you of who in your tax household had coverage by month. You will not get a Form 1095-A if you received coverage through your employer in HealthSource RI or if you Q: What should I do with my Form 1095-A? were enrolled in Medicaid. A: You should keep your Form 1095-A with all your tax records until you’re ready to file your taxes. You or your Q: How can I find my Form 1095-A? tax preparer should use the information on the Form A: HealthSource RI mails out Form 1095-A at the end of 1095-A to complete Form 8962. Form 8962 is used to January each year to the mailing address of any calculate the amount of tax credit you should receive individual or family who enrolled in health insurance based on your final, year-end information, including through HealthSource RI for any period of time in the income and family size. prior year. Once mailed, HealthSource RI also posts a copy of Form 1095-A in your online account, where you Q: What information is provided on Form 1095-A? can download/print it. A: Form 1095-A has three parts- Q: Why do I need Form 1095-A? 1. Part I provides basic information about you and A: You may need the information on Form 1095-A to your family, and your health insurance start and complete Form 8962: Premium Tax Credit for your end dates. federal tax return. 2. Part II provides information about each If you enrolled in health insurance through member of your “coverage household” – those HealthSource RI and chose to receive a tax credit in members of your family who are also covered advance to help pay your monthly premiums, the under the same policy. Internal Revenue Service will use your Form 8962, 3. Part III provides information for every month of along with other information in your tax filing (such as the year for three items: information about your income and family size), to a. The monthly cost of the health plan you make sure you received the right amount of tax credit. selected b. The monthly cost of the Second Lowest If you received too little tax credit over the course of Cost Silver Plan (SLCSP) available on the year, you may get money back when you file your HealthSource RI taxes. If you received too much tax credit, you may c. The tax credit you received to pay for need to pay back the difference, either in the form of a your monthly health insurance bill. reduced refund or an amount due when you file your taxes. When you complete Form 8962, you will learn if Please note that there will always be a very small you need to pay back some of the tax credit you difference between the monthly premium shown in received or if you will receive more money when you column A from Form 1095-A and your actual monthly get your refund. bill. This is because we are required to report only the “essential health benefits” portion of the premium on 1 Form 1095-A. If the difference exceeds $8.00 per last year but did not receive advance premium tax month, please call us at 1-855-408-1344. credits, you may complete Form 8962 to determine if you are eligible to receive a premium tax credit. The Please note: If your health insurance provider issued a law allows you to take the tax credit in advance or premium refund in 2020, the monthly cost of your coverage will be reduced by these amounts on Form when you file your federal taxes–it’s your choice. You 1095-A. can also choose to take part of the credit in advance and receive any balance when you file your taxes. The premium amount of the Second Lowest Cost Silver Plan (SLCSP) is included because the law requires that Q: One of my Form 1095-As has an X in the we use the cost of this plan to calculate your premium “Corrected” box. What does this mean? tax credit. A: This means that your form has updated information on it, and you should use the “Corrected” Form 1095-A Q: The information on my 1095-A isn’t correct. How form instead of the earlier version that we sent you. can I get it fixed? A: Visit HealthSourceRI.com/get-help-tax-season/ or Q: I never received my Form 1095-A in the mail. How call us at 1-855-408-1344. It is important to understand do I get another copy of my Form 1095-A? that your Form 1095-A cannot be corrected over the A: Please contact us at 1-855-408-1344 and we will help telephone. You will need to tell us why you think the you access your online account.
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