Orlando Harmon
If you have a non-medical insurance plan, you may need to file a few different forms with your federal income tax return. These include Form 1095-A, Form 1095-B, Form 1095-C, and Form 8962. Form 1095-A, the Health Insurance Marketplace Statement, provides information about your health care coverage, including the effective date, premium amount, and any advance payments of the premium tax credit (APTC) made on your behalf. Form 1095-B is used to report information about individuals with minimum essential coverage who are not liable for the individual shared responsibility payment. Form 1095-C is sent by employers to offer information about the health coverage they provide. Finally, Form 8962, the Premium Tax Credit (PTC) form, helps you determine if you used the correct amount of premium tax credit during the year and whether you need to pay more or claim a credit.
Characteristics and Values of Non-Medical Insurance Forms
| Characteristics | Values |
|---|---|
| Form to check qualification for premium tax credit | 8962 |
| Form to check if you used the right amount of premium tax credit | 8962 |
| Form to report information about individuals enrolled in a qualified health plan | 1095-A |
| Form to report information about individuals covered by minimum essential coverage | 1095-B |
| Form sent by employers to report information about offered coverage | 1095-C |
| Form to request a copy of your form | SS-4 |
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What You'll Learn
Form 1095-A: Health Insurance Marketplace Statement
Form 1095-A, Health Insurance Marketplace Statement, is a form that individuals who enrol in a qualified health plan through the Health Insurance Marketplace receive. It contains information about the Marketplace insurance held by an individual or their household members for the taxable year. This form is necessary for filing taxes and is typically mailed out by mid-February of the following year. It may also be available earlier, from mid-January, in the individual's Marketplace account.
Form 1095-A includes details about the months an individual had a Marketplace plan and the associated premiums. The form may also show a higher premium if a dependent under 18 was enrolled in a stand-alone dental plan, as it includes a portion of the dental plan premiums for paediatric benefits. It is important to note that the "monthly enrolment premium" on Form 1095-A may differ from the actual monthly premium paid due to additional benefits or mid-month coverage changes.
If there are any discrepancies or errors in the form, individuals should contact the Marketplace Call Center. A corrected version of the form will be sent if necessary. It is important to ensure that the information on Form 1095-A is accurate before filing taxes, as it is used to complete Form 8962, Premium Tax Credit. This form helps individuals determine if they used the correct amount of premium tax credit during the year and if they need to make any adjustments through their tax payments.
To summarise, Form 1095-A, Health Insurance Marketplace Statement, is a crucial document for individuals with Marketplace insurance plans. It provides information about the months of coverage and associated premiums, which are then used to complete Form 8962 and reconcile the premium tax credit amount. This form assists in accurately filing taxes and ensuring compliance with health insurance requirements.
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Form 1095-B: Health Coverage
Form 1095-B identifies the person whose name is on the health insurance policy, which is typically the employee for employer-sponsored plans. It also identifies the employer if the coverage is provided by the employer, and the insurance company providing the coverage. Additionally, the form lists the people in your household who are covered by the insurance. For each individual listed, there is a box that indicates whether they were covered by insurance for the entire year.
Since the 2015 tax year, health insurance providers and employers with fewer than 50 full-time employees have been required to send out Form 1095-B to individuals with health insurance coverage. However, if you receive health insurance through an employer with more than 50 full-time employees, you may receive Form 1095-C instead of Form 1095-B. Form 1095-C provides similar information to taxpayers but is generated by larger employers. Depending on how their employer's coverage is structured, some taxpayers may receive both forms.
Prior to the 2019 tax year, those who did not have minimum essential coverage (or a waiver) were subject to a penalty when filing their tax returns. This is no longer the case. Form 1095-B is used to report to the IRS and taxpayers about individuals who are covered by minimum essential coverage and are therefore not liable for the individual shared responsibility payment.
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Form 1095-C: Employer-Provided Health Insurance Offer and Coverage
Form 1095-C, titled Employer-Provided Health Insurance Offer and Coverage, is a statement of health coverage offered to eligible employees. This form is required to be filed by Applicable Large Employers (ALE) since the 2015 tax year. ALEs are defined as companies or organizations with at least 50 full-time workers or full-time equivalents. A full-time worker is legally defined as someone who works at least 30 hours a week, while a full-time equivalent is two or more part-time employees whose combined hours equal a full-time workload.
Form 1095-C is completed by large employers and employers with self-insured health coverage. It is sent to any full-time employee of an ALE member who has worked for one or more months of the calendar year. ALE members must report this information for all twelve months of the calendar year for each employee. If an ALE does not offer insurance to its employees, this will be indicated on the form, and they may be subject to financial penalties. Form 1095-C describes the coverage that was made available to an employee, while a separate form, Form 1095-B, provides details of the employee's actual insurance coverage, including family members who were covered. Form 1095-B is sent out by the insurance provider, unless the employer is self-insured, in which case they will also send out Form 1095-B.
When sending Form 1095-C to the IRS, it should be accompanied by Form 1094-C, which is a summary of the 1095-C forms. Together, these forms help the IRS determine whether the business owes payment and if employees are eligible for the premium tax credit. Employees may receive multiple Form 1095-Cs if they worked for multiple ALEs during the tax year. These forms should be kept with other important tax documents, as information from them may be required for personal income tax filing.
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Form 8962: Premium Tax Credit
If you had Marketplace coverage and used the premium tax credit to lower your monthly insurance premiums, you must file Form 8962: Premium Tax Credit with your federal income tax return.
Form 8962 is used to determine whether you used the correct amount of premium tax credit during the year. You can do this by comparing the advance amount you used with the amount you qualify for based on your final income. If you used too much, you will need to repay the excess via taxes. If you used too little, you can claim the difference as a credit.
You will need to complete Form 8962 if you want to check if you qualify for a premium tax credit based on your final income. However, if you do not qualify for a premium tax credit, you do not need to include Form 8962 when filing your taxes.
Form 8962 includes details about the Marketplace insurance you and your household members had in 2024. Before completing Form 8962, you must have received Form 1095-A, Health Insurance Marketplace Statement, by mail. Form 1095-A includes information about Marketplace plans that anyone in your household had in 2024. It is important to ensure that the information on Form 1095-A is correct before filing your taxes. If there are any discrepancies, you should contact the Marketplace Call Center.
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Form 8809: Application for Extension of Time to File Information Returns
Form 8809, also known as "Application for Extension of Time to File Information Returns," is used to request more time to submit specific tax-related forms to the IRS. This form is applicable for businesses and individuals alike, offering a 30-day extension for filing particular federal forms. It is important to note that Form 8809 does not apply to income tax returns but is specifically intended to extend deadlines on information returns.
The process of filing Form 8809 can be completed online through the FIRE system, providing an automatic 30-day extension. Acknowledgements of the request are promptly displayed online if made by the due date of the return. This form is accessible without any associated fees, making it convenient for businesses seeking extra time. However, it is crucial to ensure the accuracy of the application to avoid delays or denials from the IRS. In the event of a denied extension request, adherence to the original due date is mandatory to prevent potential penalties.
Form 8809 can be conveniently accessed and filed online. To do so, log in to the FIRE system and select "Extension of Time Request" from the Main Menu Options. This initiates the process of submitting your extension request. It is recommended to refer to the Form 8809 Instructions for comprehensive information, including additional filing options and access to a fillable PDF version of the form. This PDF can be downloaded and filled out electronically, providing a convenient method of completion.
It is important to be mindful of the timing when submitting Form 8809. While there is no specific deadline mentioned, it is advised to submit the form as early as possible but not before January 1 of the year the information returns are due. Additionally, a second 30-day extension may be granted in exceptional circumstances, such as during the first year of business operation. However, this second extension is not available for certain forms, including W-2 and specific 1099 forms.
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Frequently asked questions
Form 1095-A is a Health Insurance Marketplace Statement that provides information about your health care coverage. It includes details such as the effective date, amount of the premium, and APTC paid for you and your family members for the year of coverage.
No, you should not attach Form 1095-A to your tax return. However, you should wait to file your income tax return until you receive this form.
Form 8962, also known as the Premium Tax Credit (PTC) form, is used to reconcile the advance payments of the premium tax credit (APTC) with the amount you qualify for based on your final income. If you used too much, you will repay it via taxes, and if you used too little, you can claim the difference as a credit.
