New IRS form re health insurance
Just a "heads up" about a new IRS form to file with taxes. I received this in an alumni newsletter that for 2015 filing most people will need to file a new form 1095-C if you have employer paid or subsidized health insurance:
Coming 2016: Form 1095-C
New requirements under the Affordable Care Act (ACA) start this tax year. Large employers, including
(my former employer), will need to file Forms 1095-C with the U.S. Internal Revenue Service (IRS) and send a copy of the form to employees and retirees eligible to participate in (my former employer's) insurance plans. Employees and non-Medicare eligible retirees are required to file a Form 1095-C with their 2015 tax filing.
FAQ: Form 1095-C
1. What is this new form?
The form is a new requirement of the Affordable Care Act. Form 1095-C, Employer-Provided Health Insurance Offer and Coverage, is required by the IRS that provides the following information:
• The employee and the employee’s dependents;
• The months during the year the employee was eligible for health insurance coverage; and
• The cost of the least expensive monthly premium the employee could have paid under the plan.
2. When/How will I receive the new form?
Check your mailbox. Employees and non-Medicare eligible retirees who are eligible for health insurance
coverage will receive a Form 1095-C by February 4, 2016.
Need to update your mailing address? Update your address before January 1, 2016 to ensure you receive your Form 1095-C.
3. Will I be able to receive this form electronically?
An electronic format of this form will not be available this year. Due to the timing of the release of the IRS
regulations, this year Form 1095-C will only be available in hardcopy. (That's my former employer. YMMV.)
4. What do I do with it?
File it with your 2015 tax return. When you receive your Form 1095-C, keep it with the materials you give to your tax preparer. If you prepare your own taxes, you may need to refer to this form when you file your 2015 return.
5. How many of these forms will I get?
You may receive a form from each of your employers. If you have more than one job and qualify for health
insurance in those positions, you may receive multiple forms. Check with your other employers if you are unsure if you will receive a form this year.
6. What if I don’t receive a form?
Contact your employer.
I heard the call to do nothing. So I answered it.