ACA IRS Rules and Reporting Requirements

 

The Internal Revenue Service has been working hard to arm us with some ACA navigational tools.  The most recent of which came in the form of... well... forms... both new and revised, which they issued in draft format.  We are hopeful that the instructions will be released by the beginning of September.  The AICPA will be reviewing these forms closely and offering recommendations to the IRS for ways to make them easier to use.

Here’s a snapshot of the new information reporting forms:

New Information   Reporting Forms Purpose Timing
Form 1095-A,   Health Insurance Marketplace Statement Marketplaces will report   information on coverage provided to each enrollee

 

 Filing begins in the 2014   tax year
Form 1095-B, Health   Coverage Insurers will report   information on coverage provided to each enrollee

 

 Optional for the 2014 tax   year and mandatory for 2015
Form 1094-B, Transmittal   of Health Coverage Information Returns To be used to report all   Forms 1095-B with the IRS

 

 Optional for the 2014 tax   year and mandatory for 2015
Form 1095-C, Employer-Provided   Health Insurance Offer and Coverage Applicable large   employers will report information on coverage for each employee Optional for the 2014 tax   year and mandatory for the 2015 tax year

 
Form 1094-C, Transmittal   of Employer-Provided Health Insurance Offer and Coverage Information Returns This form will be the   method of transmitting all Forms 1095-C to the IRS.

 

 See filing requirements   for Form 1095-C

 

And, the new/revised forms to be filed with a taxpayer’s federal income tax return, beginning in 2014 are:

New or Revised   Tax Return Related Forms Purpose
Form 1040 Line 46 - report the   excess of any Premium Tax Credit received throughout the year.

 

Line 61 - report whether   the taxpayer has minimum essential coverage or owes a penalty

 

Line 69 – report the   amount of PTC

 
Form 8941, Credit   for Small Employer Health Insurance Premiums Updated to accommodate   the recently released final regulations

 
Form 8962, Premium   Tax Credit (PTC) New form to be used to   claim the PTC or to reconcile any advanced PTC amounts received during the   year to cover health insurance premiums

 
Form 8965, Health   Coverage Exemptions New form to be used to   report an exemption from the insurance requirements

 

Have questions? I’m here to help.

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