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What you need to know about health insurance tax forms

3/21/2016

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Expect the deluge of 2015 tax documents to include new forms, courtesy of additional Affordable Care Act reporting requirements that take effect this year. If you had health coverage during 2015, you may receive one or more information returns you haven't seen before.
Here's an overview of three health insurance-related returns.
  • Form 1095-A. You'll get this form, the "Health Insurance Marketplace Statement," if you bought your health coverage from the online healthcare.gov marketplace. The form has information about your insurance, who was covered by your policy, and when the coverage was in effect.
  • Form 1095-B. Your insurance company or other health insurance provider will send you this new-for-2015 information statement if you purchased your insurance outside of the government marketplace. "Form 1095-B, Health Coverage," provides information about who your health policy was issued to, who was covered by the policy, and the months of coverage.
  • Form 1095-C. You may receive this new form from your employer if you're a full-time employee and your employer meets certain requirements. "Form 1095-C, Employer-Provided Health Insurance Offer and Coverage," tells you what coverage your employer offered, who in your family was covered, and when the coverage was in place.
You don't need to attach any of these forms to your federal income tax return. However, you will need to have Form 1095-A in hand to complete your return. (You can file before you receive Forms 1095-B or 1095-C.)
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Not sure which forms to look for? Contact us for help.

We are trusted CPA advisors servicing Burr Ridge, Hinsdale, Willowbrook, Darien, and all Chicagoland area. 

Do you need assistance with your business and/or personal tax returns? Would you like to have a trusted source for your accounting, allowing you additional time to focus on increasing your business? Do you use QuickBooks, or plan to in the future, for your accounting? We include these in all our service packages, customized to fit your personal or business needs.   

 
We are currently accepting new clients. Your initial consultation is free, so you have nothing to lose and everything to gain.Our experienced staff is available to help you streamline your accounting, giving you more free time for yourself. Set up an appointment today by calling (630) 320-3720 or email us at info@monarchaccountinggroup.com. 
 
For more free resources, such as Online Advisor Newsletters, Tax Organizers, and Record Retention Schedules, access our website www.monarchaccountinggroup.com.

Monarch Accounting Group, Inc
145 Tower Drive, Suite 4
Burr Ridge, IL 60527
Phone (630) 320-3720

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Phone: (630) 320-3720

Monarch Accounting Group Inc
145 Tower Drive, Suite 4
Burr Ridge, IL 60527-7836
Email: Info@MonarchAccountingGroup.com


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  • Home
  • Solutions
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