Healthcare Update Regarding 2015 Personal Income Tax Returns

Healthcare Update Regarding 2015 Personal Income Tax Returns
Not all forms are required for filing

Almost every U.S. citizen is required to get health insurance coverage for themselves and their dependents, or otherwise pay a penalty. Because of changes in healthcare law, there are new forms in addition to preexisting forms for 2016 filing season. These forms provide information about health care coverage provided or offered during 2015. Form(s) 1095 will be issued to individuals with health insurance coverage. The information on these forms will be used to verify the type of coverage, who was covered, and when they were covered.

Depending on the situation, an individual may expect to receive one form, multiple forms, or no form at all. If an individual is expecting to receive a Form 1095-A, they should wait until receiving that form to file their 2015 tax return. The form is needed for certain areas of the tax return. However, individual taxpayers should not wait until they receive the Form 1095-B or Form 1095-C to file their 2015 tax returns.

These forms are not attached to the tax return, but should be kept with all of your other tax return documents. It is important to be aware that you may not receive all of these forms until March 31, 2016.  Therefore, unless you expect to receive Form 1095-A, you do not necessarily have to wait to file your income tax returns.

For more information and details about this subject please refer to the IRS website: https://www.irs.gov/Affordable-Care-Act/Questions-and-Answers-about-Health-Care-Information-Forms-for-Individuals.

Article compiled by Jacinda Ruzicka. For any specific questions please contact Stacy Weller at saweller@herbein.com.