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Tax Time: What You Need to Know About Forms 1095-A & 8962

If you had health insurance coverage through BeWell at any point during 2023 and chose to get a premium tax credit (PTC) in advance to help pay your monthly premiums, you must “reconcile” the tax credits when you file your taxes.

Tax credits are a great way to save money on health insurance throughout the year. And BeWell is the only health insurance marketplace in New Mexico that offers these savings!

If you got too little tax credit over the year, you might get money back. But if you got too much of the tax credit or do not file your taxes with the right forms, you may end up owing money to the Internal Revenue Service (IRS)—maybe thousands of dollars!

Here are two forms you need to know about when you file your income taxes this year.

Form 1095-A: We Will Send This to You

You will need the data from this form to file your federal income tax return. The official name of this form is 1095-A Health Insurance Marketplace Statement. Here is what you’ll find on your form:

  • Recipient Information: Your personal details and information about the BeWell plan
  • Covered Individuals: Names, social security numbers, and coverages dates for everyone on the plan
  • Coverage Information:
    • Premiums you paid
    • Premium tax credits you used
    • Premium(s) of the second lowest cost silver plan (SLCSP), which is the plan used to figure out how much PTC your household can get

All the information boxes are numbered, making it easy to transfer the data when you do your taxes. You will need this information to fill out tax form 8962. BeWell also sends this information directly to the IRS.

You will get your Form 1095-A from BeWell by mail in February. You can also find a digital version of your Form 1095-A in your online account profile under “Message Center” or “My Enrollments.”

Read more: FAQs About Form 1095-A and Filing Your 2023 Tax Return

Form 8962: You Will Submit This to the IRS

The IRS offers a tax credit for the premiums you pay for your BeWell marketplace plan. To claim or reconcile your PTC, you are required to complete and submit Form 8962. You can print or download it directly from the IRS.

This form guides you through calculating the yearly amount of your premium tax credit. It looks a bit scary, but once you transfer the data from your Form 1905-A, you will get an idea of how it all fits together.

Make sure you file this important form with your federal income taxes. If you do not, you may not be able to get tax credits in the future.

Read more: Official IRS instructions for Form 8962

What does it mean to “reconcile” my premium tax credit?

If you bought a plan through BeWell last year and took advanced payments of the premium tax credit (APTC) to lower your monthly payment, you will need to “reconcile” when you file your federal taxes.

This means you will compare two figures:

  • The amount of premium tax credit (PTC) you used in advance during the year.
  • The premium tax credit you qualify for based on your final income for the year.

The difference between the two figures will determine your refund or tax owed.

Read more: Questions and Answers on the Premium Tax Credit (IRS)

Can BeWell help me fill out my tax forms?

No — BeWell cannot give advice on completing Form 8962 or other parts of your tax return. But we can answer questions about your Form 1095-A. We can also help you determine whether the advance premium tax credit is a good option to help you reduce your up-front costs.

Do you have questions about your Form 1095-A? Want to learn more about premium tax credits? Connect with a BeWell Certified Assister today.

Corrections to your Form 1095-A information:

If you feel any of the information on your Form 1095-A is in error, please contact BeWell at 1-833-862-3935 or TTY: 711. If your form needs to be corrected or voided, we will issue you an updated Form 1095A marked as either Corrected or Void.

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