Sorry for spamming you with emails on such grand topics as taxes, but we’ve got HealthCare Form Chaos! So, I told you almost everyone will receive a 1095 form and we needed it to prepare your taxes, and I was right (of course), but then the IRS changed the rules. I swear they’ll do anything to win!
Here’s the breakdown:
Form 1095-A – If you purchased health insurance through the Exchange last year, you will receive a 1095-A, and we must have it to complete your taxes. We’re told they’ve already gone out, so you should get it any time now.
Form 1095-B and 1095-C – Most of you purchased health insurance directly from an insurance company or through your employer, so you should receive a 1095-B or 1095-C form by March 31, but we do not need it to prepare your taxes THIS YEAR. You do need to tell us about any gaps in coverage last year for everyone on your tax return, and if this information doesn’t match the 1095 form when you get it, the IRS will express their displeasure to you.
If anyone on your tax return didn’t have health insurance for any significant period last year, you should expect to pay a penalty shared responsibility payment (it walks like a duck and quacks…).
If you are on Medicare, Medicaid, or SSI Disability, you are exempt from all these silly new rules. Yay you!