There are several new Obamacare tax forms including Form 1095-A, Form 8962, Form 8941, and Form 1095-C. If you’re head is spinning, don’t worry. In this article, we’ll provide a quick summary of the new Obamacare tax forms all small businesses and individuals need to know about to make this year’s tax time a little bit easier.
Obamacare Tax Forms for Individuals
Form 1095-A, Health Insurance Marketplace Statement
If you purchased Marketplace coverage, you’ll receive Form 1095-A in the mail. It is sent by the Health Insurance Marketplace (not the IRS) and includes information about your Marketplace coverage and any premium tax credits received. See: Form 1095-A and Instructions.
Form 8962, Premium Tax Credit (PTC)
See related: Filing Taxes? How to Deal with Premium Tax Credits
Form 8965, Health Coverage Exemptions
Obamacare Tax Forms for Employers
Form 8941, Credit for Small Employer Health Insurance Premiums
Forms 1094-C and 1095-C, Employer-Provided Health Insurance Offer and Coverage (Not Required for 2014 Tax Filings)
Forms 1094-C and 1095-C are to be filed by employers with 50 or more full-time or full-time-equivalent employees to verify their compliance with the employer responsibility requirement and to verify their employee’s compliance with the individual responsibility requirement (if the employee receives minimum essential coverage from the employer).
Form 1095-C will also be used to establish employee eligibility for premium tax credits (if the employer does not offer affordable and adequate coverage). See: Form 1094-C, Form 1095-C, and Instructions.
Forms 1094-B and 1095-B, Health Coverage
Forms 1094-B and 1095-B are to be filed with the IRS and provided to taxpayers by insurers and by government programs, as well as by self-insured employers who are not subject to the employer responsibility requirement. The Form is used to verify that individuals have minimum essential coverage that complies with the Individual Mandate requirement. See: Form 1094-B, Form 1095-B, and Instructions.
What questions do you have about the new Obamacare tax forms? Leave a question below and we’ll help answer it.