Tax Returns, Obamacare & You

obamacare-logo_fullThis is the first year that the Affordable Care Act (Obamacare) will impact tax returns for Americans. Starting in mid January, the IRS and many taxpayers will start to receive information about their health coverage for 2014. They’ll need that information to correctly file their tax return for 2014.

Here are some of the forms they should expect to receive:

1095 – A – This form will be received by anyone that purchased insurance through the Health Insurance Marketplace. This form will show details about the insurance coverage including the effective date, amount of premium and the advance premium tax credit.

1095 – B – This form may be provided by private insurers and self funded plans to their policyholders. It summarizes the coverage the policyholder had with them for the year.

1095 – CEmployers┬ámay provide this form which provides information about a taxpayer’s health insurance plan and who was covered.

It is worth noting that because this is a transition period that forms 1095-B and 1095-C are not required for 2014 tax year.

 

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