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

Instructions and Help about Can Form 1094 B Dont

Hi everyone welcome back to my channel let's talk money today I would like to talk about the form 1095-a I will address such questions as what is form 1095-a what is form 1095 B what is form 1095-c and what is the difference between those forms why am I getting this born why should I do what should I do with the form 1095-a what to do if I didn't receive the form and what if the information on this form is incorrect how to update the incorrect on information on form 1095-a in how to get this form overall so I will be addressing all these questions and let's get started and we'll address each question one by one so let's start with what is the form 1095-a if you were enrolled in a health plan through covered California then for in a marketplace in other states then you will receive the form 1095-a or tax filing purposes the form 1095-a is generated for each enrolled plan regardless of if advanced premium tax credit was applied the amounts displayed on the form 1095-a reflects how much was they to the covered California health insurance companies to help with the cost of a consumers health coverage a 1095-a helps insure the amount of the advanced a premium tax credit applied is accurately reported and serves as proof of minimum essential coverage the amount paid was based on the income information in household size you provided at the time of application if your income change you may have to pay or you may have paid too much or too little for your health coverage again if you enrolled in a health plan through covered California but did not receive financial help you will still receive a form 1095-a to show you the months you had health insurance to cover California and to avoid paying the tax penalty so before going any further I here would like to mention one thing that I am referring mostly to covered California because I am a covered California insurance agent but the information basically applies to all the health plans that were sold through a marketplace so let's move on what is the form 1095 D if you had coverage through medical or if you had coverage directly through insurance companies outside of coverage California such as directly with pushy or Kaiser and so on then you will receive the form 1095 B it basically serves the same purpose as form 1095-a and shows the information about who was covered and when what is the form 1095-c if you had health insurance coverage sponsored by your employer or if you were enrolled through a group health plan at work then you employer will send you this form as proof that you had health insurance for that year this document will help such information is who was covered anyway why am I getting the form 1095-a well as a result of the Patient Protection and Affordable Care Act most americans are required to have health insurance or pay a penalty in years 2017 and 2018 this form tells the government when you had health coverage it will also be used to make sure the subsidy paid to your plan is correct based on your income as reported to the IRS for that year subsidies go up and down with your income right so at 1095 a helps insure the amount you received is just right starting with year 2019 the individual mandate no longer applies what should I do with the form 1095-a well make sure you save this form you will need it when you prepare your income taxes similar to a w2 and 1099 a is one of the things that will determine the amount of taxes you will pay or that we fund you will receive you will use it to fill out the IRS form 89-62 for help with your taxes consult a tax preparer keep in mind that you may be able to get free help filing your taxes including free software programs or in-person assistance check out the free resources available in your community what to do if I didn't receive the form 1095-a if you have not received the form 1095-a in the mail or in your coverage california account complete the district form or contact the covered California representative if you are working with an agent the agent might help if you don't have an agent feel free to reach us we might be able to help you you can also login into your covered California account and access the form if you have one please note if you're no longer an active member of covered California you will not be able to access your form 1095-a in your online account and you will have to contact a yum covered California customer service rep to request a paper copy if you haven't received it yet so covered California members who enrolled in a minimum coverage plan also known as a catastrophic coverage may receive a form 1095 B or 1095-c directly from their health insurance company health insurance companies are not required to send it to 95d for catastrophic coverage and this form is not required to follow your taxes while if the information on Form 910 ninety five eight is incorrect if the information on your 1095 a is incorrect you can't contact the covered California service center to provide the right information and receive a corrected form 1095-a or receive directions on how to make the necessary changes before filing your taxes you can also complete the dispute form especially the information is wrong or missing so if you have incorrect amount of pre new tax rates wrong months of coverage listed or not shown for covered individuals if you have missing household members or incorrect names in the health coverage was terminated and definitely you might consider to e-file in that dispute so