11/04/2026
💚 TAX TIP TUESDAY 💚
🚨 ATTENTION TAXPAYERS: YOUR HEALTH INSURANCE COULD AFFECT YOUR TAX REFUND!
Did you know that receiving financial assistance to pay for your Marketplace health insurance could result in a smaller tax refund or an unexpected tax bill?
A major tax law change takes effect for the 2026 tax year, and you need to know about it before filing your taxes in 2027!
💰 HERE’S WHAT YOU NEED TO KNOW:
1. The repayment limits are gone! Beginning with the 2026 tax year, if you received more Advance Premium Tax Credit (APTC) than you qualified for, you generally must repay the FULL excess amount when filing your federal tax return.
2. Income changes matter! Did you get a raise, start a business, work overtime, change jobs, or get married? These changes could affect the financial assistance you qualify for.
3. Update your Marketplace information! Don’t wait until tax season. Report changes in household income and family circumstances as soon as possible.
4. Keep your Form 1095-A! If you had Marketplace health insurance during 2026, you’ll need this form to complete your tax return and reconcile your premium tax credits.
5. Review your 2027 health insurance now! Open Enrollment began November 1, 2026. Compare plans, review your estimated income, and make sure your financial assistance is calculated using accurate information.
📅 IMPORTANT HEALTHCARE.GOV DEADLINES:
* November 1, 2026 – Open Enrollment begins.
* December 15, 2026 – Enroll by this date for coverage beginning January 1, 2027.
* January 15, 2027 – Open Enrollment ends.
State-based Marketplaces may have different deadlines.
⚠️ REMEMBER: Just because your health insurance premium is $0 or very low each month doesn’t mean you won’t owe money when you file your taxes!
💚 THE PROSPERITY TAX TIP:
Don’t wait until tax season to discover that you owe thousands of dollars in excess health insurance credits. Review your income, update your Marketplace application, and plan ahead!
At Prosperity Health & Wealth Coaching, we believe financial education is the foundation of financial prosperity.
📲 Contact Prosperity Health & Wealth Coaching for your tax preparation and tax planning needs.
🌐 www.p