Yes, they're required to send your 1095-A even if you were only covered for part of the year. I was only on marketplace insurance for 4 months last year and still got mine (though it was late). You might want to try recovering your login since the online version will likely be available sooner.

Thanks for confirming! I'll try to recover my account then. Totally forgot my password and the email I used might be my old one. What a headache this all is. But good to know they're still required to send it for partial year coverage.

They're different forms. The 1095-A is specifically for plans purchased through the Marketplace with potential premium tax credits. The 1095-B typically shows coverage from other sources like certain government programs (Medicaid, CHIP) or some employer plans. If you only had coverage through a state Medicaid program and received a 1095-B, you likely won't receive a 1095-A. The 1095-B essentially just proves you had qualifying coverage to satisfy the health insurance requirement. Unlike the 1095-A, you don't need to attach or directly use information from the 1095-B on your tax return.

Does the business code you choose affect your audit risk? I heard some industries get audited more than others.

Yes, certain business codes do have higher audit rates, particularly those with lots of cash transactions or typically high deduction claims. Examples include restaurants, laundromats, taxi services, and some personal services. However, you should never choose a code that doesn't accurately reflect your business just to avoid audit risk. Using an incorrect code is itself a red flag that could trigger scrutiny. The IRS looks for businesses with unusually high deductions compared to income within their industry category, so being properly classified ensures you're compared against appropriate benchmarks.

Use the most current codes. The 2022 NAICS update had some significant changes and the IRS forms reflect this. Using outdated codes can cause confusion in processing. I had to switch mine from 541430 to 541922 with the update.

Do any of these let you file multiple state returns without paying extra? I lived in two states last year and TurboTax wanted to charge me for each state filing separately.

Unfortunately, all the major tax software options charge per state. FreeTaxUSA charges about $15 per state, which is still cheaper than TurboTax's $50+ per state, but you'd still need to pay for each state separately. If you have a very simple tax situation, you might consider using each state's free filing portal directly for the state returns after completing your federal return. Some states have surprisingly good free filing systems now.

I used the IRS Free File option last year with an AGI under $73k. It basically directs you to free versions of the major tax software options that participate in the program. I was directed to TaxSlayer and it was completely free for federal and state. Interface was decent, not as nice as TurboTax but definitely usable. Worth checking if you qualify!

I think you might be onto something here. I just went back and looked at my W-2 more carefully. The $5000 is in Box 10 as expected, but now that I'm looking at it, I think it might also be included in Box 1. How would I verify this for sure? And if it is wrong, what do I do - ask for a corrected W-2?

To verify if it's included in Box 1, you could compare your final paystub of the year with your W-2. Your last paystub should show your cumulative earnings and deductions for the year. If you take your gross earnings and subtract pre-tax deductions (including the DCFSA), the result should match your Box 1 amount on the W-2. If Box 1 is higher by about $5000, then your DCFSA wasn't properly excluded from taxable wages. If you confirm there's an error, yes, you should contact your employer's payroll or HR department and request a corrected W-2 (W-2c). This is actually a fairly common mistake, and they should be able to fix it. Once you receive the corrected W-2, you can file your taxes with the accurate information.

Good catch! I think they probably meant the 2023 tax year (that we file in 2024) since we can't file 2024 taxes yet. This is why taxes are so confusing - the year you earn money vs the year you file!

Thanks for mentioning this! I hadn't even thought about self-employment taxes. Is there a minimum amount I need to earn before I have to pay those? My Etsy shop only made about $1,200 last year.

You're required to file Schedule SE and pay self-employment taxes if your net earnings from self-employment are $400 or more during the year. Since your Etsy shop made $1,200, you'll need to determine the profit after deducting expenses. If your profit exceeds $400, you'll need to pay self-employment tax on that amount. Even though it's a small amount, it's still important to report it correctly. The upside is that reporting this income helps you build Social Security credits, which can be important for your future benefits. Also, properly documenting even small business activities establishes a history if your business grows in future years.

I used FreeTaxUSA last year for my W2 and two side businesses. It handled everything perfectly and was MUCH cheaper than TurboTax. The interface isn't as fancy but it asked all the right questions and let me do multiple Schedule Cs without charging extra. Federal filing was free and I only paid like $15 for state.