For your 2014 tax return:

If you did NOT use Covered CA/Market Place to obtain health insurance and/or have health insurance through your employer, there is only one question for you- Did you have health insurance for the entire year?

If you DID use Covered CA/Market Place to obtain health insurance, you will receive a Form 1095-A in the mail. Keep your eye out for that form and bring it to your tax appointment! The Form 1095-A will be used to figure your health insurance tax credit.

How the Covered CA tax credit works:

If you were considered to have low income when you signed up through the marketplace, you were given a choice of receiving a discounted monthly premium or opting to receive a tax credit when you file your tax return.

If your income ended up being lower than what you reported to Covered CA, you may be entitled to a refund on your tax return!

However, if your income ended up being higher than what you reported, you may have to pay some or all of the discount back with your tax return. But don’t stress- your tax accountant will do all the calculating for you!

Just make sure to bring your Form 1095-A to your tax appointment!

More detailed information can be found here: Affordable Care Act