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ACA Basics - IRS Releases Forms for Affordable Care Act

New Healthcare-Related Forms Important This Tax Season

Adding to the lengthy list of items you must have in order to file individual income taxes this year is the new Form 1095-A, the Health Insurance Marketplace Statement. 

By January 31 of the year following the year of coverage, the Marketplace will send taxpayers who purchased insurance through the Marketplace Form 1095-A, Health Insurance Marketplace Statement. The information statement includes the monthly premium for the applicable SLCSP used to compute the credit, the total monthly premium for the coverage of the taxpayer or family member, the amount of the advance credit payments, the SSN and names for all covered individuals, and all other required information. The Marketplace also reports this information to the IRS. 

Taxpayers will use the information on Form 1095-A, Health Insurance Marketplace Statement, to compute the premium tax credit on their tax return and to reconcile the advance credit payments made on their behalf with the amount of the actual premium tax credit on Form 8962. 

If Form 1095-A was lost, never received, or is incorrect, taxpayers should contact their Marketplace directly for a copy. Information regarding how to reach the Marketplace is available on HealthCare.gov as well as IRS.gov/aca. If taxpayers experience difficulty obtaining the Form 1095-A, Health Insurance Marketplace Statement, from their Marketplace, they should review the monthly billing statements provided by their health coverage provider or contact the provider directly to obtain the coverage information, monthly premium amount, and amount of monthly advance credit payments made on their behalf. 

Nor is this the only new form: 

Form 1095-B, Health Coverage is used to report certain information to the IRS and to taxpayers about individuals who are covered by minimum essential coverage and therefore are not liable for the individual shared responsibility payment. Form 1095-B is not required for 2014. Most taxpayers will not receive Form 1095-B for 2014. 

Form 1095-C, Employer Provided Health Insurance Offer and Coverage.  Employers with 50 or more full-time employees use this form to report information about offers of health coverage and enrollment in health coverage for their employees. Form 1095-C is used to report information about each employee. Form 1095-C is not required to be provided by any employer for 2014. However, in preparation for the first required filing (filing in 2016 for 2015), employers may, if they wish, voluntarily file in 2015 for 2014. Most taxpayers will not receive Form 1095-C for 2014. 

These are in addition to the forms previously announced: 

Form 8965, Health Coverage Exemptions, enables taxpayers to claim coverage exemptions and is attached to Form 1040, Form 1040A and Form 1040EZ. These forms can be filed electronically. 

Form SSA-1099 is sent by January 31 to those receiving Social Security benefits. It shows total benefits received for the previous year.  Replacement SSA-1099s can be requested here after February 1. 

Source:  Internal Revenue Service

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