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

Instructions and Help about Can Form 1094 B Quicken

Hello, this video is about Affordable Care Act reporting and filing forms 1095 B and 1094 B. I will cover the key points about form 1095 B, walk through each of the four parts of form 1095 B, and then review form 1094 B. One of the primary provisions of the Affordable Care Act is the individual mandate, which states that each individual must have minimum essential coverage or qualify for an exemption or pay a penalty. The name of this penalty is the individual shared responsibility payment. The purpose of form 1095 B is to report information to the IRS about individuals who are covered by minimum essential coverage and therefore are not liable for the individual shared responsibility payment. Form 1095 A is an information return filed by healthcare insurers and self-insuring employers with less than 50 full-time equivalent employees. Form 1094 B summarizes the total number of 1095 B forms submitted with the transmittal. Let's move on to Part one of form 1095 B. On the following slides, you will notice areas on the form circled in red. These circled areas indicate items that change from 2015. Part one is used to report the name, social security number or taxpayer identification number, and address of the responsible individual. The responsible individual is the person who would be liable for the individual shared responsibility payment for any covered individuals. The responsible individual's date of birth is required on line three only if a social security number or taxpayer identification number is not available. On line eight, enter the identifying origin of the health coverage. Let's go over the available codes for this line. There are six possible choices for line eight on form 1095 B. Code A should be entered if the coverage is from the small business health...