Greenshades Blog


You’ve got mail

Posted on January 10th, 2017

Chris Hadden, CPP

    Chris Hadden, CPP

By Chris Hadden, CPP
Technical Sales Manager

 

Have you checked your mailbox recently? You may have something waiting for you there.

W-2 form? Sure, you may have that waiting for you, but look through more mail and you’ll likely find one or two other IRS forms.

Forms like these:

1095-A Form: Health Insurance Marketplace Statement

  • Who will get one? Individuals who enrolled in health coverage for themselves or their family members through the  Marketplace
  • Who will send it to you? The Marketplace
  • What is this form reporting? This form provides information about your Marketplace coverage.
  • When should you receive this form? Forms must be issued to you no later than January 31
  • What do you do with this form?
    • Use Form 1095-A to complete Form 8962 and reconcile advance payments of the premium tax credit or claim the premium tax credit on your tax return.
    • Use Form 1095-A for information on whether you and your family members had coverage that satisfies the individual shared responsibility provision.
      • If Form 1095-A shows coverage for you and everyone in your family for the entire year, check the full-year coverage box on your tax return.
      • If there are months when you or your family members did not have coverage, determine if you qualify for an exemption or must make an individual shared responsibility payment.
    • Do you need to wait for it to file your taxes? Yes, however, do not attach Form 1095-A to your tax return – keep it with your tax records.

 

1095-B Form: Health Coverage

  • Who will get one? Individuals who had health coverage for themselves or their family members that are not reported on Form 1095-A or Form 1095-C
  • Who will send it to you?
    • Health Coverage Providers –
      • Insurance companies outside the Marketplace
      • Government agencies such as Medicare or CHIP
      • Employers who provide certain kinds of health coverage, which is sometimes referred to as “self-insured coverage,” but are not required to send Form 1095-C.
    • Other coverage providers
  • What is this form reporting? This form provides information about your 2016 health coverage.
  • When should you receive this form? Forms must be issued to you no later than March 2nd — automatic 30-day extension provided from original January 31 deadline, on Notice 2016-70 from IRS.
  • What do you do with this form?
      • If Form 1095-B shows coverage for you and everyone in your family for the entire year, check the full-year coverage box on your tax return.
      • If there are months when you or your family members did not have coverage, determine if you qualify for an exemption or must make an individual shared responsibility payment.
  • Do you need to wait for it to file your taxes? No, you don’t need to wait for your Form 1095- B to file your tax return, unless you are unsure which months you did or did not have coverage. Do not attach Form 1095-B to your tax return – keep it with your tax records. Contact the issuer if you have questions about your Form 1095-B.

 

1095-C Form: Employer-Provided Health Insurance Offer and Coverage

  • Who will get one? Certain employees of applicable large employers
  • Who will send it to you? Applicable large employers – generally those with 50 or more full-time employees, including full-time equivalent employees
  • What is this form reporting? Form 1095-C provides information about the health coverage offered by your employer in 2016 and, in some cases, about whether you enrolled in this coverage.
  • When should you receive this form? Forms must be issued to you no later than March 2nd — automatic 30-day extension provided from original January 31 deadline, on Notice 2016-70 from IRS.
  • What do you do with this form?
    • Use Form 1095-C to help determine your eligibility for the premium tax credit.
      • If you enrolled in a health plan in the Marketplace, you may need the information in Part II of Form 1095-C to help determine your eligibility for the premium tax credit.
      • If you did not enroll in a health plan in the Marketplace, the information in Part II of your Form 1095-C is not relevant to you.
    • Use Form 1095-C for information on whether you or any family members enrolled in certain kinds of coverage offered by your employer – sometimes referred to as “self-insured coverage”.
      • If Form 1095-C shows coverage for you and everyone in your family for the entire year, check the full-year coverage box on your tax return.
      • If there are months when you or your family members did not have coverage, determine if you qualify for an exemption or must make an individual shared responsibility payment.
    • Do you need to wait for it to file your taxes? No, you don’t need to wait for your Form 1095- C to file your tax return. Do not attach Form 1095-C to your tax return – keep it with your tax records. Contact the issuer if you have questions about your Form 1095-C.

More information can be found at Questions and Answers about Health Care Information Forms for Individuals (Forms 1095-A, 1095-B, and 1095-C)