30 Second Insurance Tips©

Tip 250- Important Tax Document Enclosed

The end of January is when W-2s and other tax documents arrive in the mail.

New this year is Form 1095, which reports to IRS that you (and your dependents) had health insurance and for what months.

If you purchased individual coverage through The Marketplace, you will receive a Form 1095-A.

Coverage through an employer sponsored group plan will be similarly reported. For most small groups, your insurance company will mail a Form 1095-B. If you are covered through a larger group, your employer will be sending out Form 1095-C.

Recently, IRS extended the deadline for insurers and employers to provide these forms from January 31 to March 31.  Note however, that they are informational and are not submitted with your return. Individuals who received Marketplace tax subsidies are advised to wait to file their returns until Form 1095-A arrives.

More from IRS about “Gathering Your Health Coverage Documentation” can be found here.