What you need to know about health insurance tax forms
Tax Tip of the Week
March 21, 2016
What you need to know about health insurance tax forms
Expect the deluge of 2015 tax documents to include new forms, courtesy of additional Affordable Care Act reporting requirements that take effect this year. If you had health coverage during 2015, you may receive one or more information returns you haven't seen before.
Here's an overview of three health insurance-related returns.
- Form 1095-A. You'll get this form, the "Health Insurance Marketplace Statement," if you bought your health coverage from the online healthcare.gov marketplace. The form has information about your insurance, who was covered by your policy, and when the coverage was in effect.
- Form 1095-B. Your insurance company or other health insurance provider will send you this new-for-2015 information statement if you purchased your insurance outside of the government marketplace. "Form 1095-B, Health Coverage," provides information about who your health policy was issued to, who was covered by the policy, and the months of coverage.
- Form 1095-C. You may receive this new form from your employer if you're a full-time employee and your employer meets certain requirements. "Form 1095-C, Employer-Provided Health Insurance Offer and Coverage," tells you what coverage your employer offered, who in your family was covered, and when the coverage was in place.
You don't need to attach any of these forms to your federal income tax return. However, you will need to have Form 1095-A in hand to complete your return. (You can file before you receive Forms 1095-B or 1095-C.)
Not sure which forms to look for? Contact us for help.
"Tax Tips" are published weekly to provide current tax information, tax-cutting suggestions, and tax reminders. If you would like more information on anything in "Tax Tips," or if you'd like to be on our mailing list to receive other tax information from time to time, please contact our office.
The tax information contained in this site is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance.
© MC 2016
March 21, 2016
What you need to know about health insurance tax forms
Expect the deluge of 2015 tax documents to include new forms, courtesy of additional Affordable Care Act reporting requirements that take effect this year. If you had health coverage during 2015, you may receive one or more information returns you haven't seen before.
Here's an overview of three health insurance-related returns.
- Form 1095-A. You'll get this form, the "Health Insurance Marketplace Statement," if you bought your health coverage from the online healthcare.gov marketplace. The form has information about your insurance, who was covered by your policy, and when the coverage was in effect.
- Form 1095-B. Your insurance company or other health insurance provider will send you this new-for-2015 information statement if you purchased your insurance outside of the government marketplace. "Form 1095-B, Health Coverage," provides information about who your health policy was issued to, who was covered by the policy, and the months of coverage.
- Form 1095-C. You may receive this new form from your employer if you're a full-time employee and your employer meets certain requirements. "Form 1095-C, Employer-Provided Health Insurance Offer and Coverage," tells you what coverage your employer offered, who in your family was covered, and when the coverage was in place.
You don't need to attach any of these forms to your federal income tax return. However, you will need to have Form 1095-A in hand to complete your return. (You can file before you receive Forms 1095-B or 1095-C.)
Not sure which forms to look for? Contact us for help.
"Tax Tips" are published weekly to provide current tax information, tax-cutting suggestions, and tax reminders. If you would like more information on anything in "Tax Tips," or if you'd like to be on our mailing list to receive other tax information from time to time, please contact our office.
The tax information contained in this site is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance.
