by Austin Montoya, Social Media and Online Coordinator
Millions of consumers received financial assistance (tax credits) to help pay the cost of their health insurance plan last year. Financial assistance is crucial for thousands of Coloradans to receive the health care coverage they need. In order to remain eligible for financial assistance in the future, consumers must report them to the IRS as part of their annual tax filing. Since this was the first year with this new process, some consumers may not have completed the process or made a mistake on their tax return, and must take action in order to make sure they can get tax credits for 2016.
Most Coloradans, who received tax credits in 2014, filed their taxes by the April 15, 2015 deadline and included Form 8962, which calculates the final amount of the credit that they were eligible for. Consumers that fall under that category should have received their refund, will be eligible for financial assistance in 2016, and do not need to take any additional action.
Some people, however, may have received an extension from the IRS or have yet to file. Others may have filed but neglected to include Form 8962. About 1.8 million people across the U.S. fall into one of these categories. In order to continue receiving financial assistance, all Coloradans must file all of the necessary information with the IRS by October 15th.
The IRS has information on their website about what consumers who got premium tax credits in 2014 need to do. If a consumer has received an extension, it’s important that she or he file by the October 15, 2015 deadline. If a consumer neglected to include Form 8962, she or he will have to file an amended tax return with that information by the deadline. If a consumer did not file at all, she or he must file a return in order to continue to receive tax credits for health insurance.
The IRS has identified consumers who need to take action and has begun reaching out to them directly. Consumers can contact our state-based marketplace, Connect for Health Colorado, at 855-752-6749 with any questions.
Financial assistance is crucial for thousands of Coloradans to receive the health care coverage they need. It’s important for consumers to be aware so they can continue to get the care they need when they need it.
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If you have any other questions about how the tax system now plays an important role in making health insurance coverage more affordable, check out our page on Tax Filing and the ACA.