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 formed 1095 and 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's a couple of important things going on related to the health care 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 form 1095 B will be provided to employees either by health insurance providers of fully insured health plans or by employers with less than 50 employees who sponsor a self-insured health plan form 1095 B contains details about the employees actual insurance coverage including coverage provided the period coverage was provided and who in the employees family was covered form 1095-c will be provided to employees of applicable large employers and contains information about the offer of health insurance coverage made to the employees the employees share of the lowest cost premium and other information in cases where an applicable large employer is self-insured employees may receive a single combined form with information from B and C the forms are required to be mailed to recipients by January 31st each year so you should start seeing them in your mail around that time so that's your introduction to form 1095 the form you receive will contain instructions and additional information and should you have questions you might consider connecting with a qualified tax adviser