Did you purchase a Marketplace insurance plan for 2018? Did you receive Advanced Premium Tax Credits (APTCs) to help with the costs? Or, were you uninsured for all or part of this year? If you answered yes to any of these questions, paying your taxes for 2018 just got a bit more complicated. Luckily, there are numerous resources available to help you follow the law with minimal headaches.
If you were uninsured for all or part of 2018, you may have to pay a tax penalty for the months that you did not have coverage. This penalty is the greater amount of (a) the total of $695 per adult and $347.50 per dependent child, or (b) 2.5% of total household income. There are several ways to get an exemption from this penalty, including if all available coverage was too expensive based on your income.
If you had Marketplace coverage for all or part of 2018 and received premium tax credits, you will need to reconcile the amount of the credits you received, based on your estimated 2018 income, with the amount of credits you were eligible for, based on your actual 2018 income. Depending on how your estimated and actual incomes differ, you may receive an additional refund or owe an additional payment.
If you purchased a Marketplace plan but did not receive the credits, you will have a second chance to check your eligibility and get a refund for any amounts you could have received but did not.
Changes to federal law mean that no penalty will be assessed for going uninsured in 2019.
Use this helpful online tax tool to figure out your premium tax credit or claim an affordability exemption.
- The IRS Volunteer Income Tax Assistance (VITA) program is free for households with annual incomes below $53,000. For in-person assistance, check the website or call 800.906.9887 for a location near you.
- The IRS also offers Free Online Filing annual incomes below $53,000.
- In St. Louis, the St. Louis Tax Assistance Program offers several locations for free filing assistance.
- The IRS has several offices throughout Missouri and Illinois that can direct taxpayers to other local assistance. Check the websites, or call toll-free 877.777.4778 to find your local IRS office.
This information is provided to help you understand the Marketplace-related tax issues that may affect you. BJC HealthCare does not provide tax advice. If you have specific questions, please consult the resources provided on this page.
Free help is available from BJC HealthCare
Call 314.747.4994 or 855.747.4994 from 8 a.m. – 5 p.m. to make an appointment with a Certified Marketplace Counselor.