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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 1095B, a walkthrough of each of the four parts of form 1095 B, and a review of the fields on Form 1094 B. One of the provisions of the Affordable Care Act is the individual mandate, which serves as the basis for form 1095 B. 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 taxpayers 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 taxpayer 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 individual's social security number or taxpayer identification number. Enter the responsible individual's date of birth in line 3, only in the case where line 2 is blank. Lines 4 through 7 should include the responsible individual's 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 the policy. There are six possible codes that can be entered on this line. Code...