Last Minute Change for New Forms Affecting 2015 Form 1040 Taxpayers

During the first quarter of 2016, you may receive one or more of the new health care coverage information forms to help you prepare your 2015 Form 1040.  The new forms are:

  • Form 1095-A – Only individuals who enrolled in 2015 coverage through the Health Insurance Marketplace (the Marketplace) will receive this form.
  • Form 1095-B – Only individuals who had 2015 health coverage outside of the Marketplace will receive this form (except for employees of applicable large employers that provided self-insured coverage, who will receive Form 1095-C instead).
  • Form 1095-C – Individuals who worked full-time for applicable large employers in 2015 will receive this form.  Also, part-time employees will receive this form if they enrolled in 2015 self-insured coverage provided by an applicable large employer.

Form 1095-BThe forms all provide information about your 2015 health coverage, including who was covered and when.  They will be used to determine if you, your spouse, and your dependents had health coverage for all of 2015 and, if not, for which months you did have coverage.  The Form 1095-C includes this information only for self-insured coverage provided by applicable large employers.

The deadline for you to receive these new forms was originally February 1, 2016, but IRS Notice 2016-4, issued December 28, 2016, extended the deadline for Forms 1095-B and 1095-C to March 31, 2016.

None of these forms should be filed with your return.  However, if you will be receiving a Form 1095-A, you must wait to receive it before you can file your 2015 Form 1040.  It will include information needed for your Form 8962.

If you believe you will be receiving a Form 1095-B or 1095-C, but you don’t want to wait until March 31, 2016 (potentially), you may be able to prepare and file your 2015 Form 1040 without these by obtaining proof of your insurance coverage from other sources, such as the following:

  • insurance cards
  • explanations of benefits
  • statements from your insurer
  • Forms W-2 or other payroll statements reflecting health insurance deductions
  • records of advance payments of the premium tax credit
  • other statements indicating that you, or a family member, had health care coverage

For more information, including how to find out if you will be receiving a Form 1095-B or 1095-C, go to https://www.irs.gov/Affordable-Care-Act/Questions-and-Answers-about-Health-Care-Information-Forms-for-Individuals.

Written by: Debi Ondrik, CPA

Levin Swedler Kennedy – Certified Public Accountants – Akron, Ohio

Akron, Ohio Certified Public Accountants

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About akroncpa

Levin Swedler Kennedy is an Akron, Ohio CPA Firm, offering business and not-for-profit consulting, financial statement preparation, tax preparation & planning, QuickBooks & Peachtree support, auditing, and business valuations since 1986.
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