Who needs an IRS 1095-B Form?
Every entity that provides health insurance coverage to an individual throughout the year is obligated to indicate the insured persons and report the amount of coverage. The entities that must furnish this form to taxpayers can be employers covering their employees’ health insurance, or insurance providers. The first case is significantly more typical, yet it is applicable only if a company employs less than 50 full-time workers. If there are employees 50 or employees working for an employer, IRS Form 1095-C should be filed.
What is IRS 1095-B Form for?
Form 1095-B, which is called as Health Coverage form aims to report details of taxpayers’ health coverage to the IRS. According to the Affordable Care Act (which is also known as Obamacare), almost all American citizens must have at least minimum essential coverage. A taxpayer will have to consider information on IRS Form 1095-B when it is time to file a tax return, in particular, to check a box requesting whether a filer has insurance coverage.
Is Health Coverage Form accompanied by other forms?
Even though the information provided on Form 1095-B is referred to on the annual tax return, there is no need to attach it to 1040 or equivalent form. The completed Health Coverage Report should be kept on an individual’s tax file.
When is IRS 1095-B Form due?
Employers or insurance providers are obligated to issue 1095-B Form by 31th March.
How do I fill out 1095-B Form?
The Form consists of several parts:
- Details about responsible individual (employee)
- Employer-sponsored coverage information (employer)
- Issuer or other coverage providers (insurance company)
- Covered individuals (employee’s family members)
Where do I send IRS 1095-B Form?
The insured person is not supposed to send the received Form 1095-B anywhere. Still, it is highly recommended that it should be retained in tax records.
