Smart Benefits: New Forms for Filing this Tax Season
Monday, January 19, 2015
Form 1095-A: Health Insurance Marketplace Statement. If an individual or anyone in their household enrolled in a health plan through the exchange in 2014, they’ll get a Form 1095-A, which includes information on their coverage and premiums, as well as what they need to complete Form 8962 if they want to claim a premium tax credit or reconcile their advance subsidy payments with their actual credit.
Form 1095-B: Health Coverage. Although not required until next year, health insurance providers (or self-insured small employers) may issue this form to individuals, which contains the information needed for taxpayers to report on the type of coverage provided, when and to whom so the IRS can determine if an individual has minimum essential coverage or must pay a penalty.
Form 1095-C: Employer-Provided Health Insurance Offer and Coverage. Issued by employers, this form includes information about the coverage offered to employees and their family members. Individuals who purchased coverage through the exchange and want to claim a premium tax credit need this information to determine if they’re eligible. (Some people won’t receive this form this year because of the delay in the employer mandate for large employers, which exempts them from filing Form 1095-C for 2014; small employers must file Form 1095-C).
Form 8962: Premium Tax Credit. Individuals who purchased coverage through the exchange and received a premium tax credit or may be entitled to one must use this form. This form determines whether advance subsidy payments were too much or too little based on an individuals’ actual income or, if individuals who didn’t take the advance payments, this form is used to claim the premium tax credit with their 2014 return.
Form 8965: Health Coverage Exemptions and instructions. For individuals who didn’t have coverage last year and are claiming an exemption to the shared responsibility payment, this form is used to report any exemption to the shared responsibility penalty. If Individuals don’t qualify for an exemption, they’ll use a worksheet that’s part of the form’s instructions to calculate their penalty.
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