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ACA Reporting Requirements for 2015 Tax Filings

The individual shared responsibility provision of the Affordable Care Act (ACA) requires virtually all individuals to have qualifying health insurance for the entire year, report a health coverage exemption, or make a payment when filing their your tax return. Starting in 2016, you may receive one or more forms providing information about the health care coverage that you had or were offered during the previous year. Much like Form W-2 and Form 1099 which include information about the income you received, these new health care forms provide information that you may need when you file your individual income tax return.

 

The new forms are:

If you obtained health insurance coverage from more than one employer in 2015, you will receive a separate 1095-B and 1095-C form from each employer and health insurance company that offered or provided coverage.

Filing Your 2015 Tax Return

Some taxpayers may not receive a Form 1095-B or Form 1095-C by the time they are ready to file their 2015 tax returns. While the information on these forms may assist in preparing a return, they are not required. The deadline for insurers, other coverage providers and certain employers to provide Forms 1095-B and 1095-C has been extended to March 31, 2016. Individual taxpayers will generally not be affected by this extension and should file their returns as they normally would. Once your tax return is filed, save the forms for your records. The IRS will receive their own copy of each of the forms for comparison purposes.

Form W-2

Employers are typically required to issue Form W-2 by January 31st.  In addition to containing important financial data related to your income, the Form W-2 also contains information related to employee benefits. Some highlights of the benefits data include:

For more information about understanding your W-2, please click here.