You May Receive New Tax Forms This Year
As a result of the Affordable Care Act (ACA), you may receive some new forms in the first few months of 2016 that could help you complete your tax return for 2015 and show that you maintained health insurance for yourself and your dependents. Put simply, this is your proof to the IRS that you fulfilled your obligation to have health insurance (dubbed “the individual mandate”—per the ACA). Depending on your situation, you may receive one or more of the following forms:
- Form 1095-A
- Form 1095-B
- Form 1095-C
You will receive this form only if you or a family member enrolled in health insurance coverage through the Health Insurance Marketplace. Form 1095-A provides information you need to file with your tax return if you received a premium tax credit. In most cases, if you were offered “affordable” coverage under your employer’s plan you will not qualify for a premium tax credit.
You will receive this form if you enrolled in health insurance for one or more months of 2015. Form 1095-B provides information needed to report on your tax return that you and your spouse and dependents had qualifying health coverage (referred to as “minimum essential coverage”). Alternatively, depending on your employer this information may be reported in part III of form 1095-C, so make sure to look there if you enrolled in health insurance but didn’t receive form 1095-B.
You will receive this form if you worked full-time during the year for an employer that is an “applicable large employer” under the ACA. Part II of form 1095-C includes information about the health insurance coverage, if any, your employer offered to you and your family, which can help you in determining your eligibility for a premium tax credit. If you enrolled in an applicable large employer’s “self-insured” health plan, part III of form 1095-C provides information to assist you in completing your tax return instead of form 1095-B.
If you file your tax returns prior to receiving Form 1095-B or 1095-C you will not have to file an amended return once you receive your Form 1095-B and/or 1095-C. You should keep the form(s) with your tax records in case they’re needed in the future.
Please contact The Insurance Group’s Benefit Practice (573-875-4800 or 800-752-3376) if you have any questions.