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3 Forms Affordable Care Act Plan Holders Will Receive in 2016

3 Forms Affordable Care Act Plan Holders Will Receive in 2016

2015 marked the first full year of the implementation of the Affordable Care Act (ACA) without incident. For tax payers who took advantage of this program, 2016 will be the first year they receive new info statements for tax filing purposes. If you hold a health plan under the healthcare marketplace, then there are one of three forms you may receive, based on your insurance plan.

FORM 1095-A
Any individual who utilized the healthcare marketplace to purchase their insurance plan will receive this form. It allows you to reconcile credit you received towards your health care premiums on your tax return. All individual should receive this form no later than February 1, 2016. Anyone who has not received this should contact Health Insurance Marketplace. It is required that the FORM 1095-A be used when filing taxes if you are an ACA user.
FORM 1095-B
Minimum Essential Coverage is provided to taxpayers who have limited income and do not quality for paid insurance plans. This includes Medicare and Medicaid. Form 1095-B will be provided by these two providers so that tax payers can report the appropriate information to the IRS. This form is not required to file your tax return, but is helpful. Individuals who do not receive this form from their insurance provider, but should have, should contact them directly. As this is not necessary, the IRS has extended the time frame for health insurance providers to get this form mailed until March 31, 2016.
FORM 1095-C
Companies who have 50 or more staff members must enroll in a health care coverage plan for their employees, under the new guidelines of the Affordable Care Act. Each employer must then provide their team members with the Form 1095-C for tax filing purposes. The purpose of this form is really to ensure that health coverage has been provided to an employee. The IRS is looking for this form to be filed with tax preparation to ensure that employers have fulfilled their obligation of providing insurance to their team members. Any individual who has worked for multiple employers will receive multiple copies of this form regardless of whether they opted into health insurance with that company or not. This form is also not required when filing your tax return although is helpful. Much like Form 1095-B, this part also received an extended delivery time to March 31, 2016 from the IRS.
What to Do Next?
Tackling new tax laws combined with the affordable care act can be difficult for anyone. If this is your first year with health insurance provided to the healthcare marketplace then it is advised that you consult a tax professional to make sure filing is done appropriately. Keep in mind that the tax credit supplied for those who income qualified under the Affordable Care Act at the beginning of the year, is deducted from your refund at the end of the year.