Self-insured employers, applicable large employers, and health coverage providers must electronically file their Forms 1094-B and 1095-B by June 30, 2016. Paper returns were due May 31, 2016.
The new healthcare law has led to the introduction of a new series of Health Care Information Forms that many individuals will receive this tax season. The 1095-A, 1095-B, and 1095-C are designed to provide information you may need when filing your individual income tax return related to the Health Insurance Marketplace, your coverage for the past year, and what coverage your employer may have offered.
With so much news about implementation of the new health care law, a tax credit benefit may be overlooked by some qualified participants. Starting in 2014, if you get your health insurance coverage through the Health Insurance Marketplace, you may be eligible for the Premium Tax Credit. This tax credit can help make purchasing health insurance coverage more affordable for people with moderate incomes. The open enrollment period to purchase health insurance coverage for 2014 through the Marketplace runs from Oct. 1, 2013, through March 31, 2014.
The Affordable Care Act ("the Act," commonly referred to as "Obamacare") contains currently implemented tax provisions, as well as other that will be implemented during the next several years. According to the Internal Revenue Service, the following are some examples of the Act's tax provisions: