Receiving some new tax forms in the mail, and you’re not sure what they are? The following is a brief overview of the Affordable Care Act (ACA) forms that individuals will be receiving this year.
1) 1095-A: Is sent by the government exchange to individuals if you enrolled in a plan through your marketplace exchange (for example, Your Health Idaho). This form verifies what time period you were covered for, and also lists any advance premium tax credits you received to subsidize the cost of your premiums. If you were enrolled in a marketplace exchange plan, this form is needed before you can file your return.
2) 1095-B: Is sent by the insurance company to any individual with coverage through them, and verifies what time period you were covered for. This form is not needed before filing, but you should verify the information on the form is correct once received and then retain in your records in case of an audit.
3) 1095-C: Is sent by:
a. an Applicable Large Employer to any employee that worked at least 130 hours in any single month of 2015. An Applicable Large Employer (ALE) is one who had 50 or more full-time or full-time equivalent employees in 2015. Employers who are not ALE’s are not required to file or provide 1095-C’s.
b. An employer of any size that is self-insured. Self-insured employers complete part III of form 1095-C in lieu of providing a 1095-B.
If you will be receiving a 1095-C, you do not need to have the form in hand before filing, but should verify the information on the form is correct once received and then retain in your records in case of an audit.
It is important to note that the IRS has extended the deadline for insurance providers and employers to file forms 1095-B and 1095-C to March 31st, but has stressed that individuals do not need to wait to have these forms in hand before filing.
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