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hokiemas

Joined: 08/21/2004 Posts: 5842
Likes: 1161


Need some tax guidance from the wise in all things economic Lounge...


2021 was a whirlwind year job-wise. I was employed for the first 15 days of 2021 in a job that offered no health insurance. My next job offered health insurance, but it didn't kick in until April 1 for my wife and I. Then I got a job in July that allowed me to cover myself, my wife, and my daughter. From January 1 to March 30, my wife and I had a plan through the healthcare.gov marketplace, using the premium tax credit to cover most of it, though I didn't use all of the credit. I left 150 each month unused, since I assumed my income would increase at some point in the year. Starting on April 1, I cancelled my marketplace coverage and changed my wife's plan through the marketplace and stopped using the premium tax credit since we were no longer eligible for it. My coverage was through my employer as of April 1. So, my question is:

How does this affect my taxes? I'm assuming I'm good to have used what I did of the premium tax credit for the first 3 months of the year, as I had no health coverage available through my employers from Jan 1 to Mar 30 (2nd job had a waiting period for benefits). How does the government know when I did and didn't have access to employer-based health coverage? Other than form 1095A from the marketplace, do I need any other forms to complete my taxes? I know I need to file an additional IRS form, but I'll let TurboTax handle that part. This was the first year I used Marketplace health coverage, so I'm a little worried about getting dinged on the tax credit even though I was certainly eligible for it the months that I used it. Needless to say, I'm much happier with the coverage I have now, and my current job is awesome. Any words of wisdom? Anyone else been in this situation?

Posted: 01/11/2022 at 8:47PM



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