Form 1095-A is a tax form that is used to report information about health insurance coverage that is purchased through the Health Insurance Marketplace. The form provides details about the premium tax credit, which is a tax subsidy provided to eligible individuals to help them pay for their health insurance premiums.
Freelancers who purchase health insurance through the Marketplace may receive a Form 1095-A from the Marketplace to help them complete their tax return. The form provides information about the amount of the premium tax credit that was paid on the individual’s behalf, as well as information about the coverage and the premiums that were paid.
Freelancers who receive a Form 1095-A should use the information on the form to complete Form 8962, which is used to calculate the premium tax credit. The premium tax credit can be claimed on Form 1040, and can help reduce the amount of income tax owed or increase the amount of the taxpayer’s refund.