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IRS Forms 1095-A, 1095-B, and 1095-C: What are they and why are they important to you?


With new regulations come new reporting forms and that is no different with the Obamacare regulations passed in recent years. This year you will receive a 1095-A if you purchased your healthcare from one of the many marketplace insurance providers like healthcare.gov.  Below is a summary of what information is reported on this form and why it is important to your tax return.

The 1095-A contains information for any household members who had Marketplace plans (multiple forms if you had multiple plans) during 2015.This information includes:

  • Premiums Paid
  • Premium Tax Credits Allocated Against Premiums
  • A figured titled “Second Lowest Cost Silver Plan” that is used to determine affordability

This form will be used to complete your 8962 in order to determine if you received the correct amount of advanced premium tax credit towards your monthly premiums. If you received a higher credit than your credit allows you will be required to repay the credit on your tax return and vice versa, if you received less credit than allowed you will be entitled to a refundable credit for the difference. VERY IMPORTANT to include this form with your tax documents.

If you have not received your form by the time you read this email you can access them via your online marketplace account. Select your 2015 application and click tax forms from the menu on the left. You will then be able to download the form and include it with your tax forms. If you do not have access to your marketplace account you can contact the Marketplace Call Center.

Form 1095-B and 1095-C
Form 1095-B or 1095-C report to the IRS the total number of months you were covered by a health insurance policy from an employer or individual health plan including Medicare, Medicaid, or private insurance. The 1095-C reports all large employer offered plans while the 1095-B will report all policies that do not fall under the 1095-A or 1095-C reporting requirements. These two forms, if applicable to the current tax year, should be brought in with your tax forms.

We hope this answers any of the questions you have on the new 1095 forms.  Please include these important forms in your tax information for the current year.   If you have any further questions do not hesitate to call us in the office at 440-926-9300.

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