Tax Time is Nearly Here!

1. the amount of Premium Tax Credit you used in advance during the year (this was paid directly to your health insurance company to lower your monthly premium payment).

2. the Premium Tax Credit you actually qualify for based on your final income for the year. Any difference between the two figures will affect the amount of tax you owe. You should have received your 1095-A in the mail by this time or you can access the form on your heathcare.gov account. If you haven’t received it or if it’s incorrect, contact the Health Insurance Marketplace call center at 1-800-318-2596. The information that is provided on Form 1095-A is used to complete Part II of Form 8962. On line 26, you’ll find out if you used more or less of the Premium Tax Credit than you qualify for based on your final 2017 income. This figure will affect the amount of tax you must pay or the size of your refund. Include the completed Form 8962 with your 2017 federal tax return. Individuals and families with low or moderate incomes can get free help in filing their federal taxes. Volunteer Income Tax Assistance (VITA) and AARP Tax-Aide have more than 12,000 sites around the country to provide assistance. To find a site near you go to www.irs.gov/individuals/free-tax-return-preparation-for-you-by-volunteers. The IRS.gov web site can be helpful. The site now has an interactive Tax Assistant to help provide answers to several tax law questions. Topics include:

3. Do I need to file a tax return?

4. Who can I claim as a dependent?

5. How much is my standard deduction?

6. What is my filing status?

7. Am I eligible to claim an education credit? You can also use the IRS.gov web site to check the status of your refund or you can download the IRS application called IRS2GO. Taxpayers can check the status of their refund 24 hours after the IRS receives their e-filed return.