As part of the Health Care Reform, the new ACA provides for new tax forms that offer information about the health coverage you had during 2015.
The new forms are:
- Form 1095-A, Health Insurance Marketplace Statement. The Health Insurance Marketplace (Marketplace) sends this form to individuals who enrolled in coverage there, with information about the coverage, who was covered, and when.
- Form 1095-B, Health Coverage. Health insurance providers (for example, health insurance companies) send this form to individuals they cover, with information about who was covered and when.
- Form 1095-C, Employer-Provided Health Insurance Offer and Coverage. Employers with more than 50 employees send this form to certain employees, with information about what coverage the employer offered.
The Marketplace expects to provide Form 1095-A by February 1, 2016. The deadline for insurers, other coverage providers and employers to provide Forms 1095-B and 1095-C has been extended to March 31, 2016.
If you are expecting to receive a Form 1095-A, you should wait to file your 2015 income tax return until you receive that form. However, it is not necessary to wait for Forms 1095-B or 1095-C in order to file.
Form 1095-A will come with a Cover Sheet. This cover sheet explains that consumers must file a 2015 federal income tax return if they or another member of their household received advance payments of the premium tax credit (APTC) in 2015. It also reminds these consumers that to reconcile their APTC they must complete Form 8962 (Premium Tax Credit), using the information included on Form 1095-A, and file it with their 2015 federal tax return.
Important: Employers with less than 50 employees do not send any of the 1095 forms. Insurance companies will complete and send IRS Form 1095-B to the employees of these groups so they can prepare their 2016 income taxes. Insurance carriers will also provide the same information to the IRS.
If you have health insurance through the Marketplace and have not received Form 1095-A by now, please contact the Marketplace or call us ASAP. We will be happy to help you.
Disclaimer: Expriva.com, the agency and employees are not qualified and do not provide tax, legal or accounting advice. This material has been prepared as a courtesy and for informational purposes only. It is not intended to provide, and should not be relied on for, tax, legal or accounting advice. The new ACA law is complex and our objective is to make you aware of the new filing requirements for your business. Each company is different and you must consult your own tax, legal and accounting advisors before engaging in any reporting, decision or transaction involving taxes.