Helping Clients Understand Tax Filing and Health Coverage

Wednesday, March 2, 2022 - 2:00pm to 3:00pm EST
ACE TA Center

After attending this webinar, participants will be able to:

  • Recognize the relationship between taxes, health coverage, and Marketplace financial assistance
  • Describe how tax filing can impact future eligibility for premium tax credits, including policy guidance for
    2021 and 2022 tax filing
  • Understand the enhanced subsidies for premium tax credits made available through the American Rescue Plan Act
  • Identify at least four ACE TA Center resources to support tax filing

In this ACE TA Center webinar, learn about the connection between health coverage, taxes, and maintaining Marketplace financial assistance. Presenters from the ACE TA Center and NASTAD will explain how to help your clients prepare to file their 2021 taxes, including which clients need to file taxes based on their 2021 health coverage, what documents they should gather in preparation for filing, and tips for documenting any changes to their health coverage status.

The session will also cover important changes to premium tax credit (PTC) eligibility, updates to relevant IRS forms (such as the Recovery Rebate Credit authorized by the CARES Act), and describe the tax credit reconciliation process for clients who received advance premium tax credits (APTCs) through the Marketplace (including updated guidance for 2021 and 2022 from CMS and other changes made available through the American Rescue Plan Act). Presenters will explain who qualifies for an exemption from health coverage and any related financial penalties, and share ACE TA Center tools that help eligible clients understand that filing taxes is a key part of maintaining their Marketplace financial assistance.

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