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Beaumont Texas Form 8965: What You Should Know

E., you would report the entire cost of the Marketplace coverage on your tax return). NOTE: This is not the same as a premium tax credit, the cost of the Marketplace coverage is reported on Form 8965, but your payment would not be reduced. It would be reported on your individual tax return like any other payment. If using Form 8965, you would report a shared responsibility payment (i.e., you would report the entire cost of the Marketplace coverage on your tax return). If applying for a Marketplace plan, you would get the first premium tax credit you qualify for (but you cannot do both). NOTE: If you are claiming a coverage exemption and using Form 8965 to report the exemption for the Marketplace, you can do only one of these things. You cannot apply for a Marketplace plan while claiming a coverage exemption on Form 8965. Get premium tax credit. Enter the amount you paid on Form 8965 or claim a coverage exemption. Eligibility. You can choose to claim the coverage that is the same as or comparable to the coverage that you would get if you got Marketplace coverage (see Example #2). (Exclude the cost of items in the following examples.) If you claim a coverage exemption on Form 8965, you can get an individual premium tax credit for the Marketplace plan that is the same as the coverage that you bought. (If the credit is more than the cost of the coverage you bought, you would owe no tax.) If you get a premium tax credit, but you have not filed a tax return and have only coverage that is considered to be equivalent to Marketplace coverage as described above, you can file a separate Form 8965 for the taxable part of the premium. You would pay the full credit for that part of the premium. You can get a separate Form 8965 if you will not file a tax return, have only coverage that is considered to be equivalent to Marketplace coverage as described above, and you cannot get a Marketplace plan.

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