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Form 8965 IN: What You Should Know
You might need to file Form 8965 in some cases, including: If you haven't gotten insurance coverage for: 5 or more full calendar months ending in March; 6 or more full calendar months beginning before March 14, 2019; or You were diagnosed with or admitted to any hospital for emergency treatment by April 15, 2019, If you haven't gotten insurance coverage for any of those periods, you'll need to get it for those periods. You can get insurance through healthcare.gov for free if there are no upstream premium tax credits available to you. You may have to pay a cost sharing exclusion (also known as a copay or deductible) when you don't have coverage. Furthermore, you may also need to pay a penalty if you were unable to get health coverage for whatever reason. If you get a check or tax refund for your tax return, you don't need to fill out and send back the form. However, it's best to file it if you haven't filed your federal tax return yet. You'll need to use Form 8965 to deduct money paid for your coverage. The amount that's deductible is the cost of health insurance minus any tax credits you might be eligible to get. You'll be able to deduct the cost of coverage if you purchase it through: Healthcare.gov if you don't have health insurance through the government; or Medicare if you don't have it through the government and would prefer to get it through that program (though people whose income falls within certain groups of people who don't get health care from the government through Medicare would also get tax credits from that program.) You'll use the online tax software to complete the form. The IRS asks for you to fill it all out online. You'll either use a real-time tax software like TurboT ax or the paper Form 8965. When you file it, you'll only need a tax return, your Social Security number, and a copy of your tax return. (The IRS doesn't make any mistakes). If you're getting a free tax return, or you have access to the tax software on your smartphone, you can file this form yourself. You do need to know your social security number. Steps and Details How to Use IRS Form 8965 — SmartAsset.
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