Insurance & Health Coverage Tax | Global Prime Taxation

Insurance and health coverage, handled correctly on your return.

Health insurance, HSAs, life insurance and disability benefits each carry their own tax rules and forms. We make sure they're reported correctly, so you claim what you're owed and don't repay credits unexpectedly.

1095-A / B / CForm 8962Form 88891099-R

Where insurance meets your tax return

Marketplace health insurance

If you bought coverage through the Health Insurance Marketplace, you'll receive Form 1095-A. We reconcile any advance Premium Tax Credit on Form 8962, which can increase your refund or mean repaying part of the credit.

Employer and other coverage

Forms 1095-B and 1095-C report other health coverage. We review them and make sure your return is consistent with them.

Health Savings Accounts

HSA contributions can be deductible and withdrawals tax-free for qualified medical costs. We report them on Form 8889 and flag excess contributions.

Life insurance

Death benefits are generally not taxable, but interest paid on them is. Employer-paid group-term life coverage over $50,000 creates taxable income that should appear on your W-2.

Disability benefits

Whether disability income is taxable depends on who paid the premiums and whether they were paid with pre-tax dollars. We work it out for you.

Annuities & policy withdrawals

Payments from annuities and cash-value policies may be partly taxable. We calculate the taxable portion from your 1099-R.

What's included

Review of all health coverage and insurance-related tax forms
Premium Tax Credit reconciliation (Form 8962) for Marketplace coverage
HSA reporting (Form 8889) and correction of excess contributions
Deduction of self-employed health insurance premiums where eligible
Treatment of life insurance, disability benefits and annuity income
Advice on reporting changes to the Marketplace during the year to avoid repayments

Frequently asked questions

I received Form 1095-A. Do I need to do anything?

Yes. If you or anyone in your household had Marketplace coverage, you must file a return and reconcile the Premium Tax Credit using Form 1095-A, even if you normally wouldn't need to file. Leaving it off can hold up your refund.

Why might I have to repay part of my Premium Tax Credit?

Advance credits are based on the income you estimated when you enrolled. If your actual income was higher, you may have received more than you qualified for. Updating the Marketplace when your income changes helps avoid this.

Are self-employed health insurance premiums deductible?

Often, yes. Self-employed people can usually deduct premiums for themselves and their family, as long as they weren't eligible for an employer-subsidized plan.

Individuals

Businesses

Advisory