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

Instructions and Help about Can Form 1094 B Personalized

Beginning in 2016, millions of Americans will start receiving a new IRS form containing information that will be needed when filing annual tax returns. The name of the form is Form 1095. Just to make things interesting, Form 1095 comes in three variations - A, B, and C. The form or forms a person gets depends on where he or she received health insurance for the year. Some people may receive more than one form. For example, if you had coverage from more than one employer or plan during the year. Once you have the appropriate forms in hand, you'll transfer the information on the forms onto your tax returns, much like you do with information on a W-2. So, why the need for the new tax forms? Well, there are a couple of important things going on related to the healthcare law, the Affordable Care Act (ACA). First, under ACA, employers with 50 or more full-time employees are required to offer minimum affordable health insurance to their employees and their dependents. These affected employers are called applicable large employers. Second, the law also requires most Americans to obtain health insurance coverage, either through their employer or from other sources such as a state or federal health insurance marketplace. Insurance providers and affected employers are required to submit information to the IRS to verify that acceptable coverage was offered and/or provided, and taxpayers are required to verify coverage by taking the information from Form 1095 and submitting it on their tax returns. Employers and taxpayers that don't comply could face significant financial penalties. So, which form or forms will you get? It mainly depends on who provided your insurance coverage. For example, Form 1095-A will be provided to individuals that received coverage from a state or federal health insurance marketplace....