IRS Form 1095-A

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Form 1095-A

Form 1095-A is an IRS form that is used to report information about an individual's health insurance coverage that was obtained through the Health Insurance Marketplace. The form is typically used by individuals who received subsidies or other assistance through the Marketplace. The form must be filled out by those who had insurance coverage through the Marketplace at any point during the tax year.

The form requires information such as the name and Social Security number of the primary insured, the name and tax ID number of the insurance provider, and information about the insurance coverage, such as the start and end dates of coverage. Additionally, the form must include information about any subsidies or other assistance received through the Marketplace.

The IRS uses the information provided on Form 1095-A to determine if a taxpayer is eligible for the premium tax credit. The form is used to provide the IRS with information about the taxpayer's health insurance coverage, including the name of the insurance provider, the dates of coverage, and the amount of the premium. The information provided on the form is used to determine if the taxpayer is eligible for the premium tax credit and to calculate the amount of the credit. The taxpayer can also use the form to reconcile the premium tax credit with the amount of the credit claimed on their tax return.

The penalty for failing to file Form 1095-A is $270 for each return for which the form is not filed. The penalty is assessed for each month the form is not filed, up to a maximum of 12 months. The penalty is assessed on the taxpayer, not the insurance provider. The penalty may be waived if the taxpayer can show that the failure to file was due to reasonable cause and not willful neglect.