MI Form 1094-B 2024

MI Form 1094-B: What You Should Know

Form 1095-B was originally designed to collect information about health insurance plan transactions to the extent an insurer provides any services or other benefits under the plan such as deductibles, coinsurance, or coinsurance on health insurance coverage provided to a taxpayer, an employee of the taxpayer, or another dependent of the taxpayer. If the employer makes a contribution to the coverage, the insurer will report this on Form 1095-B. However, the Affordable Care Act changed the reporting requirements for self-insured groups that were previously exempt. Therefore, it was determined that health coverage provided by  The employer does not include an individual, a corporation, a foundation, or a governmental entity and the health insurance plan is not health insurance offered in connection with an employer-sponsored retirement plan or the employer is a participant in a State or Federal unemployment or welfare benefit plan ; The health coverage is not part of an employee's compensation; The plan does not include any self-insured health plan under which the employer is the primary sponsor ; or The plan is a self-insured health plan sponsored by a taxpayer that is  The taxpayer meets the requirements under Section 2701(a) or Section 2702(b)(1) of the ACA; and The employer is not prohibited from enrolling eligible individuals in private health insurance coverage (including on Health Insurance Marketplace). Forms 1095-B / 1095-B — IRS (Information) Form 1095-B — IRS (Information) is one of the new tax forms that are being used to determine the tax liability (tax credit) from the coverage that an employer provides to their employees or other family members (dependents).

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