topic 1095-A or 1095-B??? in Deductions & credits

1095-A or 1095-B???

ajolder — Wed, 25 Mar 2020 23:47:01 GMT

TT states: If you have an Affordable Care Act plan, you should have received a 1095-A. It then asks you to check Yes or No regarding whether you received a 1095-A. Well I did not receive a 1095-A. However, I did receive a 1099-B. So, I check No and that sort of ends the analysis and data input to TT. My concern is: I am in the Essential plan through the New York State of Health which has strict income requirements. I’m shocked there is no cross check to confirm I in fact did not exceed the income limits to obtain the Essential plan low insurance rates. Am I worried about nothing? Or, is there a flaw in the TT presentation here?

Re: 1095-A or 1095-B???

Critter — Thu, 26 Mar 2020 00:00:57 GMT

When you file your NY return they will find out how much you made ... it is not part of the income tax interview.

Re: 1095-A or 1095-B???

ajolder — Thu, 26 Mar 2020 14:47:27 GMT

Thanks Critter. This raises a host of other questions. I'm not over the maximum income allowed for the reduced insurance rates but let's assume I was. The premium penalties (i.e, increased rates) are severe. In your scenario then, how would NY State then recoup the shortage in premium? I would have expected the "check" to be right in the tax filing process itself.... not behind the scenes, after the fact.

Re: 1095-A or 1095-B???

Critter — Thu, 26 Mar 2020 15:16:49 GMT

You will need to ask the state.