Simple answer, the 1095 (A, B, or C) form is the new IRS form that anyone with Health Insurance will receive. Do you need one? YES, if you have health insurance.
What You Need to Look For in January & Bring to Your Tax Appointment
There are 3 new informational forms that are needed to prepare your 2014 return (you will receive one of these):
- 1095-A Health Insurance Marketplace Statement, you will need this form to prepare 8962 Premium Tax Credit.
Remember as previously stated you may have additional credit or pay back of credit based an decrease/increase in income or change of family size.
- 1095-B Health Insurance purchased directly from the insurance company
- 1095-C Health Insurance through your employer.
You do not need to be too concerned with these, meaning you do not need to look for them in the mail. These are simply new forms that are attached to your 1040 Federal Return:
- Form 8962 Premium Tax Credit
- Form 8965 Health Coverage Exception
If you are on Medicaid or Tricare, you just need to provide proof (your card) at tax time. You will NOT receive a 1095.
For more information download our ACA 2014 Tax Season Guide !