Add Form 1095-A to your pile of paperwork when preparing to file your taxes this year. New Yorkers' health insurance will be a factor in tax filings this year.
The New York State of Health Exchange will be sending out more than 300 thousand tax statements by the end of the month.
Advanced Premium Tax Credits went to nearly 75 percent of New Yorkers who enrolled in a Qualified Health Plan on the state health insurance marketplace last year.
Those subsidies lowered monthly premiums, but tax time is the moment to reconcile whether those credits were appropriate—based on actual 2014 income.
Vince Tomei is a partner with the accounting firm EFP Rotenberg. He says the form is key to determining whether you will receive a credit or a penalty on your taxes.
"It does add a new twist for the everyday person who may have had a very simple 1040, and we figure there will be more people looking for assistance in preparing their tax returns this year because of the Affordable Care Act."
Households that didn’t take the advanced credit option may now use the forms to apply for the tax credits.
Consumers on Medicaid and Child Health Plus plans won’t need to look for any statements in the mail.