Health insurance records, including records for Medicare and Medicaid, are important for reporting on federal income tax returns. The IRS uses these records to determine whether taxpayers are eligible for certain tax credits and deductions related to health care expenses.
If you have health insurance through your employer, you should receive a Form W-2 that reports the number of insurance premiums your employer paid on your behalf. This information is used to calculate the premium tax credit, which is a tax credit available to certain taxpayers who purchase health insurance through the Marketplace.
If you are enrolled in Medicare or Medicaid, you should receive Form 1095-A, Form 1095-B, or Form 1095-C which reports your coverage and the months you were covered. This information is used to determine whether you are subject to the individual shared responsibility provision, also known as the individual mandate.
If you itemize deductions, you may be able to claim a deduction for certain medical expenses, including the cost of health insurance premiums. To claim this deduction, you will need to have records of your medical expenses, including the amount of the premiums you paid, the dates the premiums were paid, and the name of the insurance company or other payer.
It's important to keep accurate records of all health insurance-related expenses, as the IRS may request to see these records as part of a tax audit.
Health insurance records, including records for Medicare and Medicaid, are important for reporting on federal income tax returns. The IRS uses these records to determine whether taxpayers are eligible for certain tax credits and deductions related to health care expenses. If you have health insurance through your employer, you should receive a Form W-2 that reports the number of insurance premiums your employer paid on your behalf. If you are enrolled in Medicare or Medicaid, you should receive Form 1095-A, Form 1095-B, or Form 1095-C which reports your coverage and the months you were covered. If you itemize deductions, you may be able to claim a deduction for certain medical expenses, including the cost of health insurance premiums. To claim this deduction, you will need to have records of your medical expenses, including the amount of the premiums you paid, the dates the premiums were paid, and the name of the insurance company or other payer. It's important to keep accurate records of all health insurance-related expenses, as the IRS may request to see these records as part of a tax audit.