Avoid Penalty Filing IRS Form 1095-B with Your Tax Return
Form 1095-B: Health Coverage
According to the Affordable Care Act, all employees must possess minimum health care coverage. Those who do not may be required to pay a certain fee. There are a series of forms which serve as proof of Medicare coverage. They are Form 1095-A, Form 1095-B and Form 1095-C. Employees receive their 1095-A if they’re enrolled in health insurance coverage through the Health Insurance Marketplace. Form 1095-C is issued if an employer is responsible for providing their employee with health coverage.
If you currently possess health care coverage that meets the Affordable Care Act’s minimum requirements, it may be essential to attach form 1095-B when filing your annual tax return. Taxpayers who do not possess minimum health care coverage and do not provide their 1095-B to the IRS may be subject to a penalty. Below are 5 helpful facts for properly submitting form 1095-B.
What is Form 1095-B?
It is a one-page form called Health Coverage. You may use this form to provide the IRS with information that you or members of your family currently possess qualifying health coverage.
Who Needs Form 1095-B?
All insurance providers must file this form to the IRS. Employers who operate small businesses are not subject to the shared responsibility provisions and must file Form 1095-B.
When is Form 1095-B Due?
The due date for this form depends on the filing method. If you plan to file by paper, do so by February 28th, 2018. If you plan to file online, the due date is April 2nd, 2018. You may also file before the due date. If this day falls on a national holiday, Saturday or Sunday, you may submit your 1095-B on the following business day.
How to File Form 1095-B?
The form has four parts, each must be properly completed. The first part must be filled by a responsible individual who is required to provide their name, social security number, full address and date of birth. Provide information about certain employer-sponsored coverage in the second part including the employer’s name, address and identification number. Then indicate the information about another coverage provider. Type the provider’s name, address, EIN and contact telephone number. In the next part you must indicate the names of all covered individuals.
How to Get Form 1095-B?
Go to the IRS website and type “Form 1095-B” in the search field. Once you’ve found the form, you can print it out and complete it manually. However, there is a much easier way. With PDFfiller, you can fill and file the form online.
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