Watch the mail for an important tax form

Be on the look out for an important form from HealthSource RI. It’s called Form 1095-A:  Health Insurance Marketplace Statement” and you’ll need it to file your taxes.

HealthSource RI expects to mail all 1095-A  forms on or before January 31st.  This means the form should be in your mailbox by early February.

You will need Form 1095-A to file your taxes.  Form 1095-A shows any tax credits your received during the year to reduce the cost of your medical coverage premiums.  You (or your tax preparer) will use this information to reconcile the amount of tax credits actually received with the amount of tax credits you should have received based on final, year- end income and family size.

If you received too much in tax credits, the difference will reduce the size of your refund or increase the amount you have to pay when you file your taxes.  If you received too little in tax credits, or waited until you filed to claim any available tax credit, the amount will be refunded to you or used to reduce the amount you need to pay.

The second purpose of Form 1095-A is to show for each person in your tax household, by month, if coverage was provided.  This information provides documentation on whether you and your family met the “individual mandate” or “shared responsibility” provision of the law that requires most people to have medical coverage in 2017.

HealthSource RI is required to send Form 1095-A to anyone who enrolled or had a family member enrolled in health insurance through HealthSource RI for all or part of 2017. If you misplaced your 1095-A or it never arrived in the mail, you can also download the statement by logging into your secure account and clicking on the ‘My notices and announcements’ tab. Be sure to scroll down if you don’t see your the form. It will be labeled “COR-ELG-18-FORM1095A”.

Please note that if we do not have your current address, this is likely the reason why you didn’t receive your form in the mail.  Please check the address in your account for accuracy or call us and we will check it for you.

Click here for more information about your 1095-A form.

Other resources to help you during tax season this year:

Is your family’s income less than $54,000 a year? You can receive free tax filing help through the Volunteer Income Tax Assistance (VITA) program sponsored by the IRS.

To find a location nearby, call Rhode Island 2-1-1 or visit https://irs.treasury.gov/freetaxprep/.  If you are 50 and older or have a disability, you can also call AARP Tax Aide at 1-888-687-2277 for a list of sites offering free tax preparation assistance.