Part III continues.
1) The year-end form you received could be 1095-B instead of 1095-A. Form -B is health care; Form-A is plan obtained through the Federal Exchange website. Below links are for your further refereneces.
In the above link, IRS publication, page 5, it is defined that the individual plan we purchase directly from an insurance company is qualified for health insurance responsibility.
3) It is strongly suggested that with your family size and income, when you apply for a health insurance plan through federal health care exchange market, you may qualify for premium tax credit. That is, the government will pay part of your health plan premium for you. Sometimes, your co-pay amount requirement will be reduced, too, when you sign up through the exchange. The credit is only available if you sign up through the exchange. Since you are thinking to change to a different plan, you may want to consider to give them a call. They are very knowledgeable and the phone service is 24/7. Of course, you may want to simulate on the website and compare. Personally, I found that the person who answers the phone can help and the person can even help us finish application on line.
When I simulated your family size and income level, it seems that signing up a health care plan through the federal exchange market would help. You may be able to sign up an insurance plan with lower payment and better service provisions. Start with the federal one first. Do not start with your state exchange first. Below is the contact information. Because you just relocated, I believe that they would allow you to apply for a new one. Please give them a call as soon as possible.
3) Even for an individual who does not have health coverage, the law provides allowances for exemption. The IRS has an on-line calculator for taxpayers to see whether they qualify for exemption. https://www.irs.gov/uac/am-i-eligible-for-a-coverage-exemption-or-required-to-make-an-individual-shared-responsibility-payment. For me, it is not very helpful. Read on the exemptions with link below. Short-term without coverage or coverage is too high to obtain, etc., and/or hardship are all possible exemption.
4) For a family of 5, filing jointly, adjusted gross income of 74,000, taxable income of 41,400 (after standard deduction of 12,600 and exemption of 5 for 20,000), without any exemption and without any minimum essential coverage or coverage exemption, the tax liability is 1,068. On the draft tax return, the income tax is 5,291 minus 3,000 child tax credit, add 1,068, then, the total tax is 3,359.
But I am almost sure that you have an insurance plan providing minimum essential coverage. I just read the plan on line. When in doubt, give them a call.
5) Call the federal health care market a call. From my basic draft, you may qualify for tax credit for the insurance premium. But that has to be applied through the federal exchange market. -- or your state. However, please start from federal first in terms of a knowledgeable phone call.
See below for the link and phone number.
For questions, or to apply by phone, contact the Marketplace Call center
1-***-***-**** (TTY: 1-***-***-****)
- Available 24 hours a day, 7 days a week
- Closed Memorial Day, July 4th, Labor Day, Thanksgiving Day, and Christmas Day