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The 2015 Tax Season…Will Be Different (Part 3)

By Mark Patrick, CPA; Final  of Three Parts | In our previous 2015 Tax Season post, we covered the penalties and exemptions you may face on your 2014 individual tax return for not buying health insurance, per the Affordable Care Act (ACA).

So, I avoided a penalty and purchased health insurance. Where do I get the data necessary to complete the new ACA forms included with my 1040?

The government designed three new forms for insurance providers and employers to help you with compiling the data needed for the ACA forms. If your household has multiple policies, you should receive multiple Forms 1095:

  • Form 1095-A, Health Insurance Marketplace: You’ll receive this form from the insurance provider who supplies your health insurance purchased through an exchange. If a dependent is covered by someone other than the taxpayer, you must obtain a copy of the 1095-A from that individual.
  • Form 1095-B, Health Coverage: This form is provided by employers offering group coverage, multi-employer plans, Small Business Health Options Program policies (not available in Florida until 2015), government-sponsored plans, individual market policies, and other minimum essential coverage (MEC) policies. This form only provides the name, Social Security number and/or date of birth of each individual covered on the plan by month.
  • Form 1095-C, Employer-Provided Health Insurance Offer and Coverage: The insurance information provided will tell you if your coverage is a MEC or grandfathered plan from your employer. You’ll need this information to determine if you own a plan qualified to avoid any penalties.

Here’s the good news: The IRS will likely provide Form 1095-A to insured individuals by January 31, 2015.

…but here’s the bad: distribution of Forms 1095-B and C aren’t required until next year, but employers can elect to do so this year.

Of course we could give you more information, but this overview will help you begin searching or watching for documents for your 2014 return. Recapping our two earlier posts, the filing of Form 8962 or 8965—or both—isn’t voluntary. The IRS requires these forms in your income tax return for this filing season.

The filing will delay your preparation a bit, requires more work and perhaps incurs slightly more cost to prepare your return. But this healthcare tax accounting is one of the final Affordable Care Act paradigm shifts of the last nearly five years.

Our team of tax accountants at Patrick & Robinson CPAs is here to help you through this process. Contact us at (904) 396-5400 or with questions.

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