A Summary of New Obamacare Tax Forms

There are several new Obamacare tax forms including Form 1095-A, Form 8962, Form 8941, and Form 1095-C. If your 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)

You'll use Form 8962 to report, reconcile, and claim premium tax credits. See: Form 8962 and Instructions

See related: Filing Taxes? How to Deal with Premium Tax Credits

 

Form 8965, Health Coverage Exemptions

You'll use Form 8965 to report exemptions and to help you calculate the Individual Shared Responsibility Payment for Line 61 of your 1040. See: Form 8965 and Instructions.

Obamacare Tax Forms for Employers
Form 8941, Credit for Small Employer Health Insurance Premiums

Form 8941 is the form that small employers use to claim the tax credit. See: Form 8941 and Instructions.

See related: Healthcare Deductions, Tax Credits, and Subsidies for Small Businesses

 

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.
Please feel free to contact us if you have any questions. 

Thank you, 
George Knox, CLU, ChFC
214.695.2904 (mobile) 214.443.1400 (office) | george@insuranceisboring.com

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