Did you get a new Tax Form 1095 in the mail?
Tax season is upon us and with changes to tax filings regarding the 2015 Healthcare provisions it’s important for you to know what documents are needed in order to file your return. That’s where the Form 1095 comes in.
You may have already received your W-2 or 1099’s when suddenly you were surprised by another official looking tax document in the mail. This document should be your Form 1095. This is a new form which indicates what kind of health coverage you and your family are receiving.
I’m sure you wonder, what am I to do with this.
The Differences in the Tax Form 1095
The Healthcare Tax Form 1095 gives information about your health coverage, the effective date of coverage, and who is covered by the policy. As you may recall The Affordable Care Act, also referred to as ACA, requires health insurance companies, employers and some government entities to provide additional tax information reporting under IRS Section 6055 and 6056. Which is why the IRS has made available new tax forms; 1095-A, 1095-B and 1095-C, to report information to ensure complete compliance.
This form is sent to individuals and families who has purchased healthcare coverage through the marketplace at Healthcare.gov or a State Exchange, as part of the Affordable Care Act. If you did purchase your healthcare coverage through one of these sources, it’s important to know that you will need this form in order to file your tax return.
This form gives information about your policy coverage, premiums, and tax credits.
Form 1095-B & Form 1095-C
These forms are provided to you if you purchased or have healthcare benefits through your employer, or through Medicare or Medicaid. Your employer is also required to send copies to the IRS therefore you do not need to have the form in order to file your return. When yours arrive in the mail, double-check it for accuracy and then keep it for your records.
Of course you can always contact us via email, or call Cowdery Tax at 740•374•6942 to determine if you will need to bring your Form 1095 with you to your appointment.