Taxes and form 1095A?

[Caveman Jim]

"What is a 1095-A?
You will get a 1095-A form every year you are enrolled in a Qualified Health Plan. This form shows how much financial support was applied to your plan the year before. You will get a 1095-A for each plan you were enrolled in. Tax forms are sent in late January.
Your 1095-A form is needed to complete Form 8962 on your federal income tax return. You must file a federal income tax return with Form 8962 if you used tax credits to lower your health plan's premium. If you do not you may lose your tax credits or have to pay some of them back."

Very long story but when my wife could no longer work, previous employer terminated her. We had to rush to find health ins for her. We were pointed to Washington healthplanfinder. We were eligible and signed up. They did not explain how tax credits worked and now when we did taxes for this year, we are screwed.

I thought I'd ask here first. Is there anyone here who has experience in HC tax credits? Any help appreciated.

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[Alexx1401]

"What is a 1095-A?
You will get a 1095-A form every year you are enrolled in a Qualified Health Plan. This form shows how much financial support was applied to your plan the year before. You will get a 1095-A for each plan you were enrolled in. Tax forms are sent in late January.
Your 1095-A form is needed to complete Form 8962 on your federal income tax return. You must file a federal income tax return with Form 8962 if you used tax credits to lower your health plan's premium. If you do not you may lose your tax credits or have to pay some of them back."

Very long story but when my wife could no longer work, previous employer terminated her. We had to rush to find health ins for her. We were pointed to Washington healthplanfinder. We were eligible and signed up. They did not explain how tax credits worked and now when we did taxes for this year, we are screwed.

I thought I'd ask here first. Is there anyone here who has experience in HC tax credits? Any help appreciated.

This is a lot like seeking legal advice on the net. Yes many "may" know how this works and offer help. Bottom line is you REALLY need to talk to a tax pro. What anyone here tells you may or may not be how it really works. There are places to get this king of help for little to no cost to you if you can't afford it.

 

[Caveman Jim]

This is a lot like seeking legal advice on the net. Yes many "may" know how this works and offer help. Bottom line is you REALLY need to talk to a tax pro. What anyone here tells you may or may not be how it really works. There are places to get this king of help for little to no cost to you if you can't afford it.

We did talk to and had a professional complete our 2023 taxes. Asked her about it and she said she'd seen this before and was shocked.
What I'm seeking is an answer to "how can the state of Washington" help people to get low cost monthly HC premiums then charge it to our Federal taxes. People with low incomes cant afford to pay $21K from a 1095A...

 

[Alexx1401]

We did talk to and had a professional complete our 2023 taxes. Asked her about it and she said she'd seen this before and was shocked.
What I'm seeking is an answer to "how can the state of Washington" help people to get low cost monthly HC premiums then charge it to our Federal taxes. People with low incomes cant afford to pay $21K from a 1095A...

How? They can do anything they wish. People here keep voting for this. These kind of laws do not fall out of the sky with no one knowing where they came from. Sadly until a LOT more people vote better this will only get worse.

 

[Caveman Jim]

How? They can do anything they wish. People here keep voting for this. These kind of laws do not fall out of the sky with no one knowing where they came from. Sadly until a LOT more people vote better this will only get worse.

I agree. Thanks

Still looking for some advice on the subject.

 

[Alexx1401]

I agree. Thanks

Still looking for some advice on the subject.

Again tax pro. Unless you want "advice" you have no intention of using. Take "advice" on tax law off the net and you may come to regret it years later. The IRS will not care what you were "told". Ask anyone who has ever gone up against them how well that works.

 

[Caveman Jim]

Thanks