It's that time of year again, tax season. Have you heard? There's a new IRS tax form that you will be receiving from your employer this January due to changes in tax law made by the affordable care act. You will now receive a form 1095-c from your employer, reporting information related to your employer's health plan. The information on this form will be important for filing your individual tax return. The new 1095-c you receive this January will be an addition to the form w2 you'll always receive from your employer. Let's take a look at the form 1095-c. The form is broken into three parts. Part one will have your information and your employer's information. Part two will show which months you are offered coverage. Part two will also include information related to the cost of your employer's lowest cost plan, even if that's not the plan you enrolled in. Part three shows which months that you and any covered dependents were enrolled in your employer's plan. This information will verify that you satisfied the new Affordable Care Act requirements to maintain health insurance, commonly referred to as the individual mandate. One important last note: if your employer offers a fully insured medical plan that you enrolled in, part three of your form 1095-c will be left blank. Instead, you will also receive a form 1095-b from the insurance carrier for your plan that includes the same monthly enrollment information for you and your dependents. These new IRS forms will come with instructions providing more detail on the information reported. You may also wish to discuss these new forms with your individual tax advisor and visit the IRS site for more information.
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