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Video instructions and help with filling out and completing When Form 1094 B Downloads

Instructions and Help about When Form 1094 B Downloads

Okay followers, it's time to hold here with another installment of the most important things to know about healthcare reform. As you can tell from my different hair, it's been a while since my last video. Today, I want to talk about the Form 1095-A. I've been getting a lot of calls from my clients wanting to know how they can get their Form 1095 so they can file their income taxes for 2015. First, let's talk about what the Form 1095 is. You know how you get a W-2 or a Form 1099 from your employer to show the income they have paid you for the previous year, and then you use that form to report your income on your tax return? The Form 1095 is the same thing. In this case, the federal government has given you advanced tax credits, a portion of which is sent to your health insurance company to offset your monthly premium. You use the Form 1095 to report those tax credits on your tax return. Remember, your tax credits were based on your estimated income for the upcoming year, in this case, 2015. Now, when you file your 2015 income taxes, you're reconciling the estimated income with your actual income. Remember when you did your 2015 tax credit application many months ago that you agreed that this would happen and that your tax credits will either go up or down based on what your actual income turns out to be. Now it's important to reconcile those tax credits because the federal government can refuse to give you tax credits in the future if you don't. Okay, so that's what the Form 1095 is. Now, how do you get it? Well, according to healthcare.gov, you're supposed to receive those forms by mid-February. It would...