Instructions to Fill Out Form 1095-A

This document provides a concise overview of Form 1095-A, the Health Insurance Marketplace Statement, and offers step-by-step instructions on how to complete it. The form is used to report information about individuals enrolled in qualified health plans through the Health Insurance Marketplace and is essential for claiming premium tax credits and filing accurate tax returns.

In this article, we'll cover the basics of Form 1095-A and provide a step-by-step guide on how to fill it out, ensuring a smooth and accurate filing process.

What is Form 1095-A?

Form 1095-A, the Health Insurance Marketplace Statement, is a document used to report specific information to the IRS about individuals who enroll in a qualified health plan through the Health Insurance Marketplace.

The primary purpose of this form is to allow individuals to claim the premium tax credit, reconcile the credit on their tax returns with advance payments of the premium tax credit, and file an accurate tax return. Key components of Form 1095-A include recipient information, covered individuals, coverage information, void statements, and corrections to reported information.

Who Must File Form 1095-A?

Form 1095-A is required to be filed by Health Insurance Marketplaces. These marketplaces are responsible for reporting information about individuals who enroll in qualified health plans through the Health Insurance Marketplace. The form helps individuals claim the premium tax credit, reconcile the credit on their tax returns with advance payments of the premium tax credit, and file accurate tax returns.

Form 1095-A Tax Filing Deadlines and Due Dates

• Annual report with the IRS and statements to individuals must be filed on or before January 31, 2024, for coverage in calendar year 2023.
• If the regular due date falls on a Saturday, Sunday, or legal holiday, the statements must be furnished by the next business day.

Form 1095-A Late Payment Penalty

Although the specific late payment penalty for Form 1095-A is not specifically stated in IRS instructions, it's essential to file the form on time to avoid potential penalties. Ensure that you submit Form 1095-A by the required deadline to stay compliant with IRS regulations and maintain your eligibility for premium tax credits.

Step-by-Step Instructions for Form 1095-A

1. Begin by filling out the Recipient Information section, which includes the recipient's name, address, and taxpayer identification number (TIN).
2. Next, complete the Covered Individuals section. List the name, TIN, and date of birth for each individual covered under the policy, including the policyholder and any dependents. Also, indicate the months each individual was covered by the policy.
3. Proceed to the Coverage Information section. Here, you'll need to provide details about the policy, such as the policy number, the name of the insurance company, and the Marketplace identifier. Additionally, fill in the monthly premium amount, the monthly premium for the applicable second lowest cost silver plan (SLCSP), and the monthly advance payment of the premium tax credit.
4. If you need to Void a statement, check the "VOID" box at the top of the form and provide an explanation in the designated space.
5. For Corrections to previously reported information, check the "CORRECTED" box at the top of the form and provide the corrected information in the appropriate sections of the form.

How to Submit Form 1095-A

To submit Form 1095-A, ensure that the form is properly addressed and mailed or furnished electronically (with the recipient's consent) on or before the due date. Remember to obtain affirmative consent for electronic statements and follow the provided options for furnishing the electronic statement. If corrections are needed, send a corrected Form 1095-A to the IRS and the recipient as soon as possible after discovering the incorrect information, with the "CORRECTED" box checked on the form.

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