Blog Posts tagged with Tax Form 1095

The ABCs of IRS Tax Form 1095

February 1, 2016

Much like W-2s are used to determine whether or not someone owes income taxes, the IRS will now use the information reported on Form 1095 to determine any penalty an individual might have to pay if he or she did not have qualifying health coverage (also called minimum essential coverage) during the prior tax reporting year.

This is the first tax year that the healthcare law requires this notification, so there is some confusion about the 1095s, who sends them, who receives them and what to do with them. The good news is that the IRS recently extended the deadlines for insurers and employers to furnish 2015 Form 1095-B and 2015 Form 1095-C to individual taxpayers from February 1, 2016, to March 31, 2016.  

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