It’s Tax Time! If you have questions about the new 1095 tax forms for health insurance, here is some helpful information.
The Affordable Health Care Act/Obammacare, introduced three new tax forms that individuals, employers and healthcare insurance providers need to comply with for the 2015 tax year and beyond.
The 1095 tax forms are the forms the IRS will use to make sure everyone had the health insurance they were required to. Basically they will use forms to catch and penalize anyone who did not comply with the Affordable Health Care /Obamacare mandate.
- Form 1095-A is for people who purchased their health insurance through the marketplace. The deadline to receive this form is February 1, 2016.
- Form 1095-B is for employees who purchased health insurance through an employer with less than 50 full-time equivalent employees. The deadline to receive this form has been extended to March 31, 2016.
- Form 1095-C is for employees who purchased their health insurance through employers with more than 50full-time equivalent employees. The deadline to receive this form has been extended to March 31, 2016.
- If you enrolled in coverage through the Marketplace you will need the information on Form 1095-A to complete Form 8962 to reconcile any advance payments of the premium tax credit or claim the premium tax credit, and to file a complete and accurate tax return. (Question 14 in link above)
- If you enrolled through your employer you do not have to wait for either Form 1095-B or 1095-C from your coverage provider or employer to file your individual income tax return. You can use other forms of documentation, in lieu of the Form 1095 information returns to prepare your tax return. (Question 14 in link above)
- Not only is health insurance now the law, its complicated, expensive and a pretty sophisticated product. One wrong decision could quickly leave you sick and broke.
- Did you know that the leading cause of bankruptcy in the US is medical? It is also shocking to find out that the same prescription drug could cost 10 times or more at one retailer vs another. That just seems crazy to me! There are some wild things happening in health care right now and I want to help.
- I am excited to say things are about to get easier! The good news is that I just released my brand new Health Insurance and Obamacare What You Need to Know online course on Udeamy. The early reviews have been great especially around Obamacare, HSA accounts and avoiding costly mistakes.
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Be sure to take advantage of this discount while it lasts (though January 31, 2016). I created a limited number of coupons and once these are gone, the price for the course will go back up.
The course has everything you need. It’s all there. Made simple for you!