Starting the New Year, if you enrolled in a health insurance plan, you should receive ACA IRS forms providing information about your health care coverage. These statements consist of Form 1095-A, Form 1095-B and Form 1095-C.
Form 1095-A is used to report information on individuals that have purchased a health insurance plan through the Marketplace. It also allows you to take the Premium Tax Credit (PTC), reconcile credit on your tax returns with advance payments, and file a correct tax return.This form is necessary to prepare Form 8962, which is required for individuals who received the APTC.
Form 1095-B is used by Health Coverage Providers, such as Medicare and Medicaid, to report information to the IRS and to taxpayers about individuals who are covered by Minimum Essential Coverage, and therefore are not liable for the Individual Shared Responsibility Payment.
Form 1095-C is used by large employers with 50 or more employees to report the required information on the enrollment of health coverage for their employees. If an employee works for multiple employers, they will receive a Form 1095-C from each employer. This form serves in confirming that an employee had health coverage and helps the IRS determine whether an employer owes a shared responsibility payment for failure to offer affordable health care coverage.
What do I have to do if I have not received F1095’s or it’s missing?
- F1095-A: You should contact the Health Insurance Marketplace.
- F1095-B or F1095-C: You should contact the insurance issuer. If you failed to bring the F1095-B or F1095-C with you when preparing your tax return, the tax preparer will prepare the return based on your interview and verification. If you received an incorrect form, you need to contact the issuer for a correction. You are not required to wait for a correction to file a tax return. Although these forms can help you complete your tax return, they are not needed to file.
Extended Form Issue Dates:
- Form 1095-A: The IRS has not extended the due dates for Health Insurance Marketplaces to issue Form 1095-A. These individuals should receive Form 1095-A by February 1, 2016 and should wait to file their returns until they receive their Form 1095-A.
- Form 1095-B and Form 1095-C: the due date for furnishing Form 1095-B to individuals has been extended from February 1, 2016 to March 31, 2016.
Filing with the IRS: the due date to file with the IRS has been extended from February 29, 2016 to May 31, 2016.
To find these forms and instructions visit IRS.gov.
To find a Liberty Tax ACA Advisor at your local Liberty Tax office, call 800-673-8600 or visit www.healthcaretaxinfo.com.