What’s That 1095 Form Again?

What’s That 1095 Form Again?
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Now that tax season is in full swing, you might be wondering what to do with those 1095 forms. Even though it’s your second year receiving them, there is still confusion about the forms. What if I threw it away? What even is the form? What if I didn’t receive one? Every employer is different, but the answers below should provide you some guidance.

1. What is this form I’m receiving? A 1095 form is a little bit like a W-2 form. Your employer or insurer sends one copy to the Internal Revenue Service (IRS) and one copy to you. A W-2 form reports your annual earnings. A 1095 form reports your health care coverage throughout the year.

2. Who is sending it to me, when, and how? Your employer or health insurance company should provide one to you either by mail or in person. They may send the form to you electronically if you gave them permission to do so. You should receive it by March 2, 2017.

3. Why is it getting sent to me? The 1095 forms will show that you and your family members either did or did not have health coverage during each month of the past year. Because of the Affordable Care Act, every person must obtain health insurance or pay a penalty to the IRS.

4. I thought the Affordable Care Act might be repealed. Do I still need this form? The Affordable Care Act was in effect for the entire year of 2016. IRS tax forms will still ask you to report whether or not you had health coverage in 2016.

5. What am I supposed to do with this form? Keep it for your tax records. You don’t actually need this form in order to file your taxes, but when you do file, you’ll be asked to tell the IRS whether or not you had health insurance for each month of 2016. The Form 1095-B or 1095-C shows if you had health insurance through your employer. Since you don’t actually need this form to file your taxes, you don’t have to wait to receive it if you already know what months you did or didn’t have health insurance in 2016. When you do get the form, keep it with your other 2016 tax information in case you should need it in the future to help prove you had health insurance.

6. What if I get more than one 1095 form? Someone who had health insurance through more than one employer during the year may receive a 1095-B or 1095-C from each employer. Some employees may receive a Form 1095-A and/or 1095-B reporting specific health coverage details. Just keep these—You should not send them in with your 2016 taxes.

7. What if I did not get a Form 1095-B or a 1095-C? If you believe you should have received one but did not, contact someone in your HR/Employee Benefits department.

Want more info? An IRS website called Questions and Answers about Health Care Information Forms for Individuals (Forms 1095-A, 1095-B, and 1095-C) covers most of what you need to know.

This article was adapted from the International Foundation of Employee Benefit Plans, 8 Questions Employees Are Still Asking About ACA 1095s.

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