Confused About Reporting Your Health Insurance This Tax Season?

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Don’t worry, a lot of people are just as confused!

This tax season was a little more complicated for people with Health Insurance than it was in the past. Because of some changes in the Health Care Law you will be receiving forms that will help you in the process of filing your taxes, depending on where you received your health insurance depends on the type of form you will receive. There are three forms that you may be receiving;

  • Form 1095-A: If you received your Insurance through the Health Insurance Marketplace, you will be receiving this form the Marketplace its self. The deadline that they had to send them out by was February 1st, 2016.
  • Form 1095-B: If you received you Insurance through a Health Insurance Provider like us at Stolly Insurance, the company will send a form with information like who was covered for how long. The deadline for the companies has been extended to March 31, 2016.
  • Form 1095-C: If you receive your Insurance through your employer they will be providing these electronically or by paper. Again this will state who was covered at what times. The deadline for your employer is also March 31st, 2016.

If you are receiving a 1095-B or 1095-C you may not receive your form by the time you are ready to file your taxes, lucky for you, the form is not required to file taxes this year because it is simply there to help you. If you are receiving a 1095-A however, you must have the form with you to file your taxes. If you have not received your form yet and believe that you should have, please contact the agency in which you are to receive it from.

If you are receiving a 1095-A you must file it, even if you do not need to provide a tax return, you must file a 8962. For instructions on how to do so you can find instructions on the IRS website. For anyone filing your tax returns you do not need to attach any of these forms to your return. This information is given to you for the purpose of helping you complete your taxes, they should not be attached and sent to the IRS, the agency that provided your form to you will also provide the form to the IRS as well. Please keep these forms with your other important files.

For more information about each of these tax forms you can keep digging at the IRS website, here!