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 |
Marketplaces will report information on coverage provided to each enrollee
| Filing begins in the 2014 tax year | |
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
|
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 |
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
|
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
| |
New form to be used to report an exemption from the insurance requirements
|
