In a recent Treasury Department News Release [TDNR JL-10326; 1/21/16], the Treasury provides some information on the ACA’s impact on returns filed during the 2016 filing season. It reminds that, while most Americans will simply need to check a box on their tax return indicating they had health coverage all year, some may not. For those who chose not to buy health insurance, they may have to pay a fee, for others who could not afford coverage or meet other conditions, they may claim an exemption if they qualify. The Treasury reminds about 3 forms forthcoming during this filing season, 2 new ones, and one that was sent out during the 2015 filing season. Form 1095-A: Also sent last year, this form contains information that will help the recipients reconcile financial assistance received through the premium tax credit with the actual amount they should have received. Treasury notes that taxpayers who do not file a tax return to reconcile will not be eligible to receive financial help in future years. The deadline for the Marketplace to provide individuals with Form 1095-A was February 1, 2016. If the taxpayer expects to receive this form, he or she should wait to file the 2015 return until the form is received. Form 1095-B: Health insurance providers send this form to individuals that they cover, with information about who was covered and when. Form 1095-C: Certain employers send this form to certain employees, with information about what coverage the employer offered. Employers that offer “self-insured coverage” send this form to individuals they cover, with information about who was covered and when. The deadline for insurers, other coverage providers, and certain employers to provide Forms 1095-B and C is March 31, 2016. Some taxpayers may not have received Form 1095-B or C when they otherwise are ready to file. The IRS notes [HCTT 2016-13; 2/2/16] that, while the information on these forms may assist in preparing the return, the forms are not required, that is the taxpayer does not have to wait for Form 1095-B or C in order to file the return.
Home » TREASURY DEPARTMENT ISSUES FORM REMINDERS ABOUT HEALTH INSURANCE UNDER THE AFFORDABLE CARE ACT – POSTED FEBRUARY 2016