Video instructions and help with filling out and completing Can Form 1094 B Designated

Instructions and Help about Can Form 1094 B Designated

Hello this video is about filing forms 1095 B and 1094 B I will cover the following topics in this video key points of form 1095 be a walkthrough of each of the four parts of form 1095 B and a review of the fields on Form 1094 be one of the provisions of the Affordable Care Act is the individual mandate which serves as the basis for form 1095 be reporting the individual mandate states that each individual must have minimum essential coverage for each month or qualify for an exemption or pay a penalty this penalty is called the individual's shared responsibility payment form 1095 B is an information return filed by healthcare insurers and self-insuring employers with less than 50 full-time equivalent employees the purpose of this form is to allow tax payers to establish an IRS to verify the taxpayers recovered by minimum essential coverage form 1094 B is the transmittal that is used to summarize the total number of 1095 B's sent to the IRS in one batch let's get started reviewing each part of form 1095 B part 1 reports information about the responsible individual the responsible individual is the tax payer who would be liable for the individual shared responsibility payment for the covered individuals in line 1 you enter the name of this taxpayer line 2 should include the responsible individuals social security number or taxpayer identification number enter the responsible individuals date of birth in line 3 only in the case where line 2 is blank lines 4 through 7 should include the responsible individuals address line 9 which is the small business health options program marketplace identifier should be left blank for 2015 let's go back to line 8 now enter the origin of policy in line 8 there are six possible codes that can be entered on this line code a is for the small business health options program better known as shop code B is for employer sponsored coverage code C is a government-sponsored program code D is for individual market insurance code E is a multi-employer plan commonly used for reporting by unions and code F is any other designated minimum essential coverage Part 2 of form 1095 B reports information about the employers sponsoring the coverage enter the name employer identification number and address for the employer sponsoring the coverage if line 8 in part 1 is either code a or code B complete part 2 there is an exception to this rule however employers reporting self-insured group health plan coverage enter code B on line 8 but then should skip part 2 the reason for this is because a self-insured employer is considered the provider in this case and provider information is reported in part 3 a self-insured employer is an employer who has liability for all employee claims incurred and pays each claim if line 8 equals code C D E or F you can skip part 2 in part 3 you report the information about the coverage provider which is actually the filer of form 1095 B you list the name employer identification number and address for the provider of the coverage in part 3 line 18 should include a telephone number that individuals can call seeking information about their 1095 B the last part part for reports information on any individuals covered under the policy column a should list the name of each covered individual in column B you report the covered individuals social security number or taxpayer identification number if you do not have the covered individual social security number you can enter the covered individuals data in column C if column B is blank column D should be checked if the individual was covered for at least one day per month for all twelve months of the calendar year if the individual was not covered for all 12 months check the applicable boxes in column E for the months in which the individual was covered for at least one day now that I've covered form 1095 B let's review its transmittal form 1094 B again form 1094 B serves as a cover sheet to your batch of 1095 B's summarizing the number of 1095 B's sent to the IRS in one batch unformed 1094 B you enter the name employer identification number and address for the provider of the coverage this name yah n and adjus should match the information reported on form 1095 B part three lines three and four report the name and telephone number of a contact who can answer 1095 B questions remember since form 1094 B is only being sent to the IRS this person should be someone who can answer questions from the IRS this may not necessarily be the same contact telephone number listed in part three of form 1095 B lie should include the number of 1095 bees submitted with the 1094 bee lastly the filer should sign and date the form and include the title of the filer Greatland staff of specially trained account managers are standing by to provide you with excellent Affordable Care Act reporting information thank you