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If someone in your household, you or a family member, enrolled in Kynect in 2015 and had healthcare coverage, it could affect your income taxes. If you received any assistance to help pay for your health coverage, you will receive a 1095-A form. This is the Health Insurance Marketplace Statement. If that’s the case, you will need to file form 8962 with the IRS.
You will not receive a 1095-A form if you received help through Medicaid, Medicare, KCHIP, or if you have catastrophic health insurance. In those cases, you will receive form 1095-B. When you file the tax return, they will ask if you have healthcare coverage, and the form will be proof of that coverage. Always save the form along with the rest of your tax information. Even if you do not have to file a tax return for whatever reason, you should still keep this form with the rest of your records. The 1095-B form will come in a yellow envelope.
Those who have coverage through an employer will receive a 1095-C form. This will come from your employer. It is only necessary for those businesses that have 50 or more employees who are working full time. The form will report the months that you had coverage. If you have a question about anything that is on this form, you will need to go through your employer.
What If You Do Not Have Coverage?
If you do not have coverage, and you do not have exempt status from getting healthcare insurance, you will have to pay a penalty. The current penalty for not having insurance is $695 for an adult, and $347.50 for children. The goal is to have everyone in the state covered by insurance, and the penalties are one of the means used to get people to comply.
Those who have an exemption from getting health coverage will need to fill out form 8965. This form will require your name, SSN and exemption certificate number, as well as exemption type, months you were exempt, and more.
Getting Help With the Taxes
There shouldn’t be too many differences when it comes to doing your taxes, although you may have several more forms to fill out. It’s often a good idea to have some help from a professional to make sure you are filling everything out properly and to ensure that you include the information required from your 1095 and any other forms that you may require. You can find more information about taxes through the Kynect.ky.gov site as well.
Also, keep in mind that if you do not file taxes in a given year, it will mean you are not eligible to receive financial help when it comes to paying for your plan the following year. It’s best to get your taxes done as early as possible.