What Is Form 1095-A and How Does It Impact Your Taxes?

In this video, Alexander Efros, MBA, EA, CPA, CFP® from Efros Financial discusses the impact that Form 1095-A may have on your income tax returns.
IMPORTANT: The information presented in this video is not tax advice, tax analysis, or legal advice, and it should not be construed as either of these. Consult with a qualified tax and/or legal adviser prior to acting on any of the information presented in this video.
Efros Financial is a Los Angeles-based CPA firm providing financial planning and tax preparation/resolution services.
Visit Efros Financial online -- we're here to help! www.efrosfinancial.com/
Questions? Please feel free to reach out at [phone] or [e-mail].

[@candyosborne214]

Thank you for this! You explained it well, and relieved some anxiety for me!

[@brianamartinez1872]

I really needed this breakdown, thank you for this explanation.

[@moabbas4388]

Thank you. You made it easy to understand

[@Empress_Dominique]

Thank you for Breaking it down!

[@katelyncook3924]

This exact thing happened to me. Went from getting a measly $400 back for my refund to owing $800 when I added my 1095. For making "too much money" to qualify for the health insurance credit. I live off of 2 grand a month, that's to pay a $900 mortgage $300/$500 in utilities $450 a month for a car payment $200 for Plpd insurance $60 a month for health insurance and dental insurance Phone bill, gas, groceries. Yet they claimed I make too much money to qualify for a tax credit. I'd love to see the tax man live off of $2000 a month with $1900 in bills, not even counting living expenses, gas, groceries, household amenities, etc. AND When i already Paid out over $7000 in social security and taxes for a year. Just to owe them another $800 for a overpayment in tax credit?! So I can either get charged $500 for not having insurance or pay $120+ a month for health and dental and then have to pay them back $800 ontop of $7000 in taxes. It's one big fucking scam. Not sure how making $400/$500 a week is considered "liveable" wages let alone making too much money for assistance.

[@massakeliatharpe2690]

Now we are seeing the drawback of these ridiculous policies. Someone else always fits the bill for those that don’t. Especially those that don’t even work.

[@katelyncook3924]

@massakeliatharpe2690 it's beyond ridiculous, I'd love to see the government live off these kinds of wages. Then be told they make too much money. If I have a single emergency, I'm in the negative and late on my bills. Let's not even get into affording groceries, living expenses, etc. It's all a fucked up game of lose/lose. You're punished financially for not having insurance or punished for seeking assistance for insurance. They took out $7000 in taxes, social security, and medicaid from my checks for one year. Then tell me I make too much money. No, yall make TOO much money off me every year from MY hard earned money and work.

[@millie9236]

I have no mortgage, two severe chronic illnesses, no car, walk to work, make less than $10k/year, 60 years old and owe $43k in school loan. I own the loser crown.

[@katelyncook3924]

@millie9236 it's not really a competition everyone gets fucked by the government. My first job I made $6.25 an hour. I lived on $12,000 for a year while paying for a apartment, car, insurance, utilities etc. We all get bent over by uncle Sam.

[@T.Riddle]

Thank you.

[@patrickkirby8803]

Thank you so much. You were spot on andreally helped me understand. I was so mad but i understand now.

[@EfrosFinancial]

Thank you for watching and for your kind words -- much appreciated! :D

[@rommiemckenzie652]

Now thy reject my w2 tax

[@rommiemckenzie652]

And I didn’t receive any 1095a in the mail

[@ochicoloto3524]

Well explained. do you offer tax preparation classes?

[@gm1937]

AWESOME AND I HAVE JUST ONE QUESTION. In your example, can you DEDUCT the $200 premium that was paid monthly as part of your medical expense deductions? or is that already factored into form 1095-A?

[@htxr1ch]

Thank you for teaching this to us. Sad to see the US education system failing us and not teaching it to us unless we go to college for all of it.

[@robertdunn2266]

Would be nice if you would answer the questions the people asked you.

[@user-pq9qz8zv6p]

How does the system calculate the net adjustment from 195-A to the medical expense worksheet? Can't find an explanation anywhere.

[@yennguyen2951]

Thank you for the explaination, now I am worry that I have to pay more $$$$ for tax return

[@frankiecarrrierivg03]

That’s how you know healthcare is a monopoly in this country

[@timothyhedrick5295]

How is it a monopoly when you select the insurer (and plan) you want off the marketplace and that the government applies ADVANCE PAYMENTS towards your monthly premiums based off what you've selected?? It's comments like this that give me entitlement nausea.

[@cl5619]

US is dogshit It’s a dogshit fake country run by evil people

[@becuzimgod]

I had state health so I never filed a 1095 a but now after a month after I file taxes I got a 1095 a in mail

[@joseramirez-p]

hello, me and my spouse received this 1095-a form together but we are filing separate returns this year; are we both supposed to include this form in our returns?

[@MikeBee77]

I have a question. I have a dependent and she has a plant through the marketplace, but she also works and has her own W-2. Does this 1095-A has to be included on her taxes or do I have to do it on mine? Thanks!

[@abhinaybobbili4957]

What if we get $0 premium tax credit, as income is higher? How does that situation affect my taxes?

[@carajohnson5136]

It's not a tax credit if I have to pay it anyways, right?!

[@mmilestones]

My gross income was lower than what I originally told my insurance broker. Is there anyway to look at column A B and C and see how much refund I will be receiving in term of health insurance overpayment?

[@MrStefanjaden13]

If I received medical how would this apply to me since my tax was rejected?

[@1017squirrel]

Mines says do not attach to your tax record ...so do I not file it?

[@ed00001]

I had the opposite happen, made more than I thought I would and now it shows that I owe less after submitting 1095-A. What is going on?

[@Trials-and-Tribulations]

😮great information. Question I didnt want my employer healthcare way too much plus dont have kids This year I did get a 1095-a It shows i had coverage on August and then canceled in December. Column C says $433.86 for August to December shows a total At bottom for $2,169.30 Never agreed to the healthcare at my job. Only thing I sign was an waiver exempt I didnt want it. Did my employer forced this coverage regardless. They didn't answer my questions about it. I never used any health or went to doctors either. Would get the full amount Credit 2100 back on my taxes. Note I didn't file my taxes and No I am not self employed. Im stumped about this.

[@roxie9484]

Without the 1095 A, you can't then process and file the IRS 8962 form which is VITAL for a non-filer even if you DID the non-filers tool, which is now obsolete, but you will need to complete a 1040 for the Rebate Credit (stimulus $$, that you did not receive!). Once all of this "gobbledygook" is done, presto change-o!!! Eureka!!! You get your $$$!!!

[@Lubbocksfinest]

Well I’m fugged but thank you for explaining this so clearly.

[@EfrosFinancial]

Thank you for watching and for your kind words -- best of luck! :D

[@matthewlewers4239]

Same I’m scared to put mine in, I woulda never got it if I knew

[@katelyncook3924]

​@@matthewlewers4239and they'll charge you $500 for not being covered with insurance. Or you owe them money for getting help to be insured. It's one giant scam.

[@ItsBrianBABY]

What do I do when column B is empty for one month?

[@abdullahcakan]

I am a j1 and I have zero taxable income but i got 1095-a from healthcare gov. How to file that with zero income? Thanks.

[@Fabo100]

I had a 1095-a form and made WAY more this year then I put because I got a new job that pays double so yeah, I owe taxes and it sucks. But I barely had to pay for my health insurance so 🤷🏽

[@NikLyons]

This is so convoluted. I got this form today. It says $2600 total. I have a feeling uncl3 Sam is going to f me in the 🐴. I never even used any "coverage*. This is a scam. This better not mess up my return this year. I didn't get a dime. They "paid the insurance on my behalf"?!? No

[@VillaFusion]

Still did not understand how to fill it out. An example would’ve been helpful.

[@lerymiza]

That is what happened to me last year.. so this year I dont have such thing..

[@aishwaryas225]

We enter 1095-B or not in individual?????

[@nelsonbraulio1]

Where Can I get my form 1095A

[@spookycrane9318]

Stupid health insurance and shittty taxes

[@millie9236]

Where do I place this information on form 1040? Nothing on the form like this.

[@Fullrusher]

I was supposed to make 25k but had alot of over time throughout the year and got 1 raise and massive over time cause my job lacked employees throughout the year ( I work in a hotel ) and I ended up earning 33k , I'm doing taxes my self this year and also just got insurance for the first time so this is my first time handling this form and situation, would you say I'd be owing a drastic amount Giving the two figures or would you say I'd probably owe a few hundred dollars ? I just need to know so I know if I'm doing it right and would appreciate your guesswork or estimate (yes I know you won't be completely accurate and I accept that just need a ball park answer and some advice )

[@katelyncook3924]

This exact thing happened to me. I filed for $20,000 a year in estimated income. ($1000 every two weeks) got a raise halfway through the year. So my checks went up to $1200 MAX. So i made $34,000 and paid over $7000 in taxes and social security. ($27,000 after taxes+ssi) Went from getting a measly $400 back for my refund to owing $800 when I added my 1095. For making "too much money" to qualify for the health insurance credit. When my income estimate wasn't even exaggerated. I put that my checks are around $1000 bi weekly which is exactly how much they are after taxes usually. Give or take $100/$200. Yet they called and said I didn't file for as much income as I'm making and have to pay them back $800 for over paid insurance credit coverage! It's a giant scam.

[@MCH509]

What should i do if irs hold my tax and ask me for the form 1095A But i did not have Ansurence. I called market place they say they dont have nothing for me

[@matthewlewers4239]

What ended up happening?

[@rociob702]

What if my mother had a policy who i was under and i never received form 1095-A but the Irs is asking for forms 1095-a and 8692 forms to continue my filing. ?? Grrr i need help I’ve had my own medical insurance through my employer the whole time i never used her policy, it should be all 0’s right??

[@danielhurd2877]

Same problem

[@BruhNqzv]

@@danielhurd2877 yea im not sure if i have to file the 1095-a since its technically not under my name

[@Fabo100]

This year I’m going to have to pay back but thank god I have health insurance with my job now, GOOD health insurance too, hopefully won’t have to do a 1095-A again 😢

[@brantmorse1900]

If they provide the health insurance even though you pay in; you don’t get a 1095a? Serious question

[@jvills1816]

What if I didn’t get this form or don’t have health Insurance & I still got a letter saying they want this letter which I never receive

[@Shine_095]

So what happened? Where u able to get it? How did it affect you?

[@plikeputin9149]

I’m a military member and I don’t have a 1095-A but I have a 1095-C, so what should I do?

[@virgilgreen5702]

Nothing. It's not needed to file if you only a have 1095-C.

[@Ken-kb6yb]

Yep only 1095a needs to file. 1095b or 1095 c don’t required.

[@lenering1084]

If I get health insurance through my job, do I get a 1095-A form?

[@virgilgreen5702]

You should get a 1095-C form which is not needed to file.

[@nickerickson2719]

I am looking at paying upwards of 4k federally because my income jumped by 20k from 30-50k a year........ so I am paying back the $300+ a month I shouldn't have gotten from the government... I am not as angry as I am sad. Any chance there is some way to make this less painful?

[@galacticwarrior4089]

I'm scared this is about to happen to me

[@katelyncook3924]

Same thing happened to me. I make $2000/$2400 a month with $1900 in bills not counting living expenses yet they said I make "too much" and now have to Pay them back for coverage. Or pay the $500 fee for not having coverage. Its one big scam.

[@justyngover903]

My issue is my insurance auto renewed and, I didn't even know it but, I was on unemployment when I originally signed up for it

[@grod805]

This is my issue too. I now owe $5k

[@Glass-Eye25]

Dang so much for affordable healthcare lol

[@williamgary7891]

The Dems screwed the poor guy 😔

[@Bobbyblue22]

Thanks for the help, this really fucked my this year I owe like 1200