If you enrolled in insurance coverage through the Health Insurance Marketplace , you are required to report changes to the Marketplace when they happen, like changes to your household income or family size, because they may affect your eligibility for the advance payments of the premium tax credits.
Changes in circumstances that you should report to the Marketplace include, but are not limited to:
- increases or decreases in your household income, including lump sum payments like a lump sum payment of Social Security benefits
- marriage or divorce
- the birth or adoption of a child
- starting a job with health insurance
- gaining or losing your eligibility for other health care coverage
- changing your residence
If you need help reporting any of these to the IRS, feel free to call us today at Taxmasters and set up an appointment!