The Affordable Health Care Act introduced three new tax forms relevant to individuals, employers and health insurance providers. They are forms 1095-A, 1095-B and 1095-C. These forms help determine if your health insurance plan meets the requirements of the Act. For individuals who bought insurance through the health care marketplace, this information will help to determine whether you are able to receive an additional premium tax credit or have to pay some back.
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For tax years beginning with 2014 and ending with 2018, any gap in qualifying insurance coverage of three months or more for you or your dependents can require you to pay an individual shared responsibility payment. This information is reported on your income tax return and is obtained from the information you provide and that provided on 1095 forms. You may be exempt from this payment if, for example:
• affordable coverage options are not offered by your employer.
• The gap in insurance coverage is three or fewer consecutive months.
• You belong to a group that is explicitly exempt from participating in the Affordable Care Act by the Internal Revenue Service (IRS).
Check out "Are You Exempt From Health Care Coverage?" for a complete list of exemptions.
Insurance companies participating in health care exchanges should provide you with the 1095-A form, a health insurance marketplace statement. This form includes:
You use this information to complete your income tax filing, adjust any tax credit payments and claim any premium tax credits that may be due.
Employers with 50+ full-time employees use Form 1095-C to show coverage offered and whether or not an employee chose to participate.
Employers with fewer than 50 full-time employees that offer health coverage, as well as health care insurance providers, send the 1095-B form to members of their health insurance plans. This form includes:
This form is used to verify on your tax return that you and your dependents have at least Minimum Essential Coverage (MEC). If you had a break in health care coverage for the tax year, you may have to pay an individual shared responsibility payment.
Form 1095-C, employer-provided health insurance offer and coverage, shows the coverage that is offered to you by your employer.
It is used by larger companies with 50 or more full-time or full-time equivalent employees. This form provides information of the coverage your employer offered and whether or not you chose to participate. You can use this to complete your tax return.
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The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.
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A Form 1040 return with limited credits is one that's filed using IRS Form 1040 only (with the exception of the specific covered situations described below). Roughly 37% of taxpayers are eligible.
If you have a Form 1040 return and are claiming limited credits only, you can file for free yourself with TurboTax Free Edition, or you can file with TurboTax Live Assisted Basic or TurboTax Full Service at the listed price.
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