With tax season bearing down on all of us, those who have not yet completed their filings may feel some pressure, particularly when it comes to the new Affordable Care Act and how it impacts tax filings.
One question we’ve heard a few times while working with our clients is regarding the new 1095 series of forms from the IRS. There are three sub-forms in this series:
- 1095-A: the Health Insurance Marketplace Statement
- 1095-B: Statement from your health insurance company or your employer verifying insurance coverage
- 1095-C: Statement from your employer on employer-sponsored health insurance benefits
If you purchased insurance through the Health Insurance Marketplaces (such as coveredca.com), you will receive Form 1095-A.
While 1095-B and 1095-C are currently available for use, insurance companies and employers are not required to file these reports for the 2014 tax year.
And since the good folks at TurboTax have provided an excellent explanation of these new forms, we figured we wouldn’t try and do better.