Affordable Care Act Reporting: IRS Q&A
As we come to the end of March, most people have taxes on their mind. If you are one of the lucky ones, your taxes are done. As benefits advisors, we get a lot of questions about the new ACA reporting and how it affects people’s taxes.
The following 15 questions and answers from the IRS provide a good summary of what people are asking.
1. Will I receive any new health care tax forms in 2016 to help me complete my tax returns?
Yes, in 2016 you will receive a form very similar to your W-2 or 1099. The new forms are:
1095 A – Health Insurance Marketplace Statement – due by February 1 – comes from the Marketplace.
1095 B – Health Coverage – Due by March 31 – comes from Health Insurance provider
1095 C – Employer Provided Health Insurance Offer and Coverage – Due by March 31 – comes from the employer if the employer is an applicable large employer (more than 50 full time employees)
2. When will I receive these forms?
- 1095 A – February 1
- 1095 B – March 31
- 1095 C – March 31
3. Do I have to wait to file until I receive these forms?
If you are expecting a 1095 A, wait until you get it to file. If you are expecting 1095 B or 1095 C, you do not have to wait to get the forms to file.
4. What do I do with these forms?
1095 A – use the information for your tax return – the form helps to determine when you and your family had coverage during the year.
Do not attach it to your return – keep it with your tax records.
1095 B – This form provides information about your health coverage. Do not attach it to your return – keep it with your tax records.
1095 C – This form provides information from your employer for your taxes. Do not attach it to your return – keep it with your tax records
5. How will I receive these forms?
By mail – if you have consented to electronic delivery than you will receive it electronically
6. Can my employer ask if I want to receive this form electronically?
7. Will I get at least one form?
Maybe, if you enrolled in a health plan during 2015, you should receive a form.
8. Will I get more than one form?
Maybe. For example, if you worked for more than one employer or if your employer changed health insurance during the year, you would receive more than one form.
9. Will I get a Form 1095 C from each of my employers?
Not necessarily. Only if your employer is considered an applicable large employer does the employer have to provide the 1095 C.
10. How are the forms similar?
- They all provide information about your health coverage during the year
- They all provide a month by month accounting of when you had coverage available
- None of the forms should be remitted with your taxes – keep them with your records
11. How are the forms different?
The forms are provided to different groups of people
The forms contain some different information
- 1095 A – only people in the market place
- 1095 B – only if you had health insurance out side the market place
- 1095 C – only if your employer is an applicable large employer and required to report
12. What do I need to do with these forms?
- Use the information to verify that you had coverage during the year for your tax return.
- Keep the forms for your records.
13. What should I do if I have questions?
- 1095 A – contact the Marketplace
- 1095 B – contact the insurance company (see line 18)
- 1095 C – contact your employer
14. Can I file my tax return if I do not receive the forms
- 1095 A – No, you need this form
- 1095 B – Yes
- 1095 C – Yes
15. Should I attach form 1095 A, 1095 B or 1095 C to my return?
All Q&A were taken from the following IRS page: