Form 1095-A vs. Form 1095b 2024-2025

Hi, I'm Michael and welcome to Michael's Matters. It's coming up on that time again, that time of the year that we all know and love, which is tax time. That means you should be getting all your tax forms starting to come in the mail. Forms like W2s, 1099s, and 1095As. Initially, if you live in states like here in California who actually still have a tax penalty for not having health insurance, you'll get a newer form called FTB 3895 as well. Now, both these forms, the 1095-A and the FTB 3895, are super important tax forms if you had received health insurance through a health exchange during the year. So, things like healthcare.gov or Covered California, these forms indicate how much money you did receive to help you pay for your health insurance. And more importantly, are used to create form 8962, which indicates how much you may have to pay back if you underestimated your income. And also to help you avoid paying the tax penalty for not having health insurance if you're in one of those states that do have the penalty. So today, we are talking about the health insurance tax forms 1095-A, 1095-B, and 1085C, as well as the California health insurance tax form FTB 3895, which are all used to create the form 8962. And what to do if you never get one or if the information on your forms are incorrect. Now, before we get to it though, if you like this information, if you find it interesting, if you find it helpful and find it useful, please don't forget to like and subscribe. That way you can get updates when our newest and most informative videos become available. Okay, so first today, let's do a quick rundown of what is a 1095-A,...