The end of the tax season is quickly approaching, have you filed yet? If not, there’s no need to worry, you still have some time. The hardest part of filing your tax returns is often locating and tracking down all of the documentation and paperwork you need to reference. In regards to the health insurance portion of your taxes, there are three key forms you’ll need to have handy. But that may not be all. To properly file your 2021 taxes, learn more about the necessary Nevada health insurance documents you’ll need with the Reno health insurance experts at NV Silver.
Required Nevada Health Tax Documents
It’s obvious that you’ll need to have your W-2 on hand to file your taxes, but do you know what health insurance documents you need? If you had health insurance coverage in 2021 then you were likely sent a 1095 form that outlines the details of your insurance premiums. These, along with documents such as your insurance cards, statements from your insurer, and records of advance payments from premium tax credits (APTC) may all be helpful in accurately filing your taxes.
The necessary Nevada health tax documents required to file your tax return include the following:
Form 1095-A, Health Insurance Marketplace Statement
Form 1095-A is provided to individuals who enroll in a qualified health plan through the Health Insurance Marketplace. This form comes from the marketplace, either through the federal marketplace or a state-run health care exchange, not the IRS. This form essentially acknowledges that you and possibly others in your household were enrolled in a health coverage plan for the year. Some specific information provided in this form include:
- Effective coverage dates
- Premium amounts
- Dependents that are covered under the insurance policy
- Advance payments from premium tax credits (APTC)
Form 1095-B, Health Coverage
Form 1095-B is sent to individuals covered under a medical health coverage plan by their health insurance provider, such as an insurance company. The document includes information about who was covered under the policy and when they were covered. This form is sent to individuals who have bought health insurance coverage from a provider outside of the marketplace or employer-provided network. A few examples of such an insurance policy are government programs like Medicare and the Children’s Health Insurance Program (CHIP).
Form 1095-C, Employer Provided Health Insurance Offer and Coverage
Form 1095-C is sent by companies to their employees. This form proves that the employee, and possibly members of their family, were enrolled in an employer-provided health insurance plan. Typically, it is up to the employee whether or not they participate in their work’s health coverage offer, and while most employees choose to go this route, some seek coverage elsewhere. It’s up to the employer to report to the IRS which employees have chosen to participate in their health plans.
Like Form 1095-A, Form 1095-C includes information about who was covered by the policy and when.
Understand Nevada Health Tax Documents With Our Reno Health Insurance Experts
If you’re still a bit confused about your Nevada health tax documents, that’s okay. Our Reno health insurance agents are here to answer all of your questions in regards to your health tax documents. Just give our office a call at 775.829.1221, or connect with us online! Whether you need assistance with a health insurance plan for seniors, want to discuss life insurance options, or have a question about your taxes, we’re here to help.
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