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 filing forms 1095 B and 1094 B I will cover key points about form 1095 B walk through each of the four parts of form 1095 B and then review form 1094 be 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 health care 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 a 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 individuals 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 unform 1095 b code a should be entered if the coverage is from the small business health options program code B designates that the coverage is employer sponsored coverage code C is a government sponsored program code D is coverage from the individual market code e is for a multi-employer plan and code F is any other designated minimum essential coverage Part 2 used to report information about certain employer-sponsored coverage this section should only be completed if either code a or code B are entered on line 8 otherwise this part may be skipped however there is one exception to this rule if an employer is reporting for a self-insured plan code B is still entered on line 8 but in this case part 2 is left blank in part 2 enter the name employer identification number and address of the employer sponsoring the coverage for a fully insured health plan in part three enter the name employer identification number and address of the provider also on line 18 enter a telephone number that recipients can call if they have questions about the information on form 1095 B if a self-insuring employer with less than 50 full-time equivalent employees is reporting coverage the employers information is entered in part three because in the case of a self-insured employer the employer is also the provider part four is used to report information about individuals covered in the plan enter the name and social security number or taxpayer identification number for each covered individual along with an indication as to which months the individual was covered in order to be considered covered in a plan for a particular month the individual only needs to have coverage for one day of the month if a social security number or taxpayer identification number is not available enter the covered individuals date of birth in column C if the responsible individual is also enrolled in the plan the responsible individual must be listed in both Part 1 and part 4 of form 1095 B if filing form 1095 B as a self-insured employer with less than 50 full-time equivalent employees no 1095 B is required to be filed for an employee who waves coverage because there would be no individuals covered in the plan for that particular employee move on to form 1094 b which is the transmittal for 1095 b forms on this form enter the filers name employer identification number and address also on lines three and four enter the name and telephone number of a person IRS my contact if they have any questions about the attached 1095 these online nine enter the total number of 1095 V forms submitted with the transmittal file form 1095 be at yearly comm or call to speak with an ACA filing expert at eight hundred nine six eight ten ninety nine thank you

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