Intuit Academy Tax Practice Exam

The significance of a 1095-A form lies in its role in reporting health insurance coverage that individuals have obtained through the Health Insurance Marketplace. This form is essential for taxpayers who enrolled in a Qualified Health Plan (QHP) through the Marketplace, as it provides the necessary information about their coverage.

Specifically, the 1095-A includes details such as the months of coverage, the amount of any premium tax credit received, and the insurance provider's information. Taxpayers use the information reported on the 1095-A to complete their federal income tax return, particularly when calculating the Premium Tax Credit and reconciling it with the actual tax liability. This reconciliation process is crucial because it ensures that the taxpayer received the correct amount of tax credits based on their actual income and household size.

In contrast, the other options reflect different forms and their purposes. One is related to reporting employment wages, another pertains to validating identity, and the last focuses on mortgage interest payments, none of which have any connection to health insurance coverage through the Marketplace. Therefore, the 1095-A is a key document for those receiving health insurance through the exchange, making the selection of that answer accurate.