Form 1095A & 1095B Filings

[jefflange]

So after a few phone calls from clients who had signed up in the Private Marketplace - Off Exchange - who had not received a 1095 yet. I find out the following information:

It appears that for tax year 2014 the only people that will be required to file a 1095 are clients who signed up through the FMM Marketplace or On-Exchange.

Clients who purchased on the Private Exchange or Off-Exchange would need to file a 1095B Form and it is not required for the 2014 tax year. So many insurers are not sending the form. Instead the insured just needs check a box indicating they had full-year coverage ( Line 61 of the IRS 1040 Form)

What the heck is this? I guess the Government was not too interested in penalizing people who did not purchase health insurance.

Just saying !

1095A- Issued by CMS to individuals who purchased a health insurance plan ON/Off marketplace and received an advanced premium tax credit ( APTC )

1095B - Issued by insurers to individuals On/Off Marketplace Exchange and groups who did not receive an APTC.

 

[AllenChicago]

So after a few phone calls from clients who had signed up in the Private Marketplace - Off Exchange - who had not received a 1095 yet.

I guess the Government was not too interested in penalizing people who did not purchase health insurance.

Just saying !

Maybe the Treasury department is not too interested because the Supreme Court ruled in 2012 that the Penalty is a "tax", and an optional tax at that.

 

[bluediamond]

My understanding is the 1094B and 1095B are filed by the insurer and are not issued to the insured:

http://www.irs.gov/pub/irs-dft/i109495b--dft.pdf

 

[jefflange]

My understanding is the 1094B and 1095B are filed by the insurer and are not issued to the insured:

http://www.irs.gov/pub/irs-dft/i109495b--dft.pdf

You are correct but from the news I received today from 2 of the insurers in Ohio was that they are not sending 1095B forms out because they are not required for tax year 2014. The filer only needs to mark a box on their 1040 form indicating they had health coverage for a full year.

 

[cadylou]

You are correct but from the news I received today from 2 of the insurers in Ohio was that they are not sending 1095B forms out because they are not required for tax year 2014. The filer only needs to mark a box on their 1040 form indicating they had health coverage for a full year.

That's right - there's a box on the tax form where you can indicate that you had Minimum Essential Coverage for the year. If you did - that's all you have to indicate unless you took the federal money in the form of a subsidy.

 

[insuranceconceptscindy]

Any new developments on this form? I was arguing with one of my clients- her accountant is demanding the form or won't let them take the health insurance deduction (small business owner). Anywhere I can find a blurb about that?

 

[Yagents]

I don't think it is required (1095B) of the carriers this year. Just show him proof of payment to the carrier.

 

[somarco]

FWIW, I just did our daughters taxes today. All that is asked is

Did you have essential coverage for 2014
Did you buy through the exchange and receive a subsidy