What is Form 1095? and FAQs

This article is dedicated to providing you with the most comprehensive and accurate information regarding Form 1095, a document required by the Internal Revenue Service (IRS) to report health insurance coverage under the Affordable Care Act (ACA).

We understand that navigating the world of taxes and healthcare can be overwhelming, which is why we have compiled this FAQ to address all of your questions and concerns about Form 1095.

What is Form 1095?

Form 1095 is a tax form that provides information about your health insurance coverage for the previous year. It is required by the IRS to ensure that individuals and families have minimum essential coverage under the ACA.

There are three versions of Form 1095: Form 1095-A, Form 1095-B, and Form 1095-C. The type of form you receive depends on how you received your health insurance coverage.

What is the purpose of Form 1095?

Form 1095 serves two main purposes. First, it verifies that you and your family members have minimum essential health insurance coverage as required by the ACA.

Second, it is used to calculate the Premium Tax Credit (PTC), which is a refundable tax credit that can help lower the cost of health insurance premiums for those who qualify.

Who needs to file Form 1095?

If you received health insurance coverage through an employer, your employer will provide you with a Form 1095-C. If you purchased health insurance through the Marketplace, you will receive a Form 1095-A.

If you have insurance coverage through a private insurance company or a government program like Medicare or Medicaid, you will receive a Form 1095-B.

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What information is included on Form 1095?

Form 1095 includes information about the individual or family members covered by the health insurance plan, the months in which they had coverage, and the type of coverage they had. It also includes information about the employer, insurance company, or government program that provided the coverage.

When do I need to file Form 1095?

The deadline for employers to provide Form 1095-C to employees is January 31st of the following year. The deadline for insurance companies to provide Form 1095-B to individuals is also January 31st.

If you received a Form 1095-A from the Marketplace, you will need to use the information on the form to complete your tax return. The deadline for filing your tax return is typically April 15th, but this may vary depending on the year.

What should I do if I don’t receive Form 1095?

If you did not receive Form 1095 from your employer, insurance company, or government program, you should contact them to request a copy.

If you purchased health insurance through the Marketplace and did not receive a Form 1095-A, you should contact the Marketplace directly.

In conclusion, Form 1095 is an important tax form that provides information about your health insurance coverage and can help you qualify for the Premium Tax Credit.

Our team hopes that this FAQ has answered all of your questions and concerns about Form 1095. If you still have questions, please consult with a tax professional or contact the IRS directly.