February 25, 2016

Affordable Care Act

Norma’s Tax Service will need the following information and documentation to verify your household is in compliance the Affordable Care Act (ACA/Obamacare) health care coverage requirements:

Forms 1095-B and 1095-C are not required to prepare your tax return.  You will still need proof of medical insurance coverage and dates covered, for every dependent claimed on your return.

HEALTHCARE.GOV PROVIDED HEALTH INSURANCE –

  • All Form W-2’s
  • Form 1095-A- mailed to you by January 31, 2017, from the marketplace or state exchange
  • Health coverage exemption form from the marketplace or state exchange
  • Income amounts (from form 1040) for all tax household dependents
  • Changes in life circumstances (see Helpful Links for more information)
  • SSI/non-taxable disability income statements
  • Nontaxable interest income and any nontaxable foreign income

 

EMPLOYER PROVIDED HEALTH INSURANCE –

  • Form 1095-C  (not required to file your return) – a form verifying health insurance coverage.
  • All Form W-2’s reflecting employer provided healthcare codes
  • Insurance card or insurance statement
  • Number of months of insurance coverage for each tax household member (number of people claimed on your tax return)
  • If you became eligible for Medicare during 2016, bring month coverage began and amounts paid

 

MEDICARE, MEDICAID, COBRA OR SELF PROVIDED HEALTH INSURANCE –

  • Form 1095-B (not required to file your return)  -a form verifying health insurance coverage.
  • Form 1099-SSA (Social Security statement) OR
  • Insurance cards OR
  • Insurance statement OR
  • Proof of COBRA insurance coverage
  • Number of months of insurance coverage for each tax household member (number of people claimed on your tax return)

If any of these circumstances pertain to you, click on the following link to see if you qualify for an exemption.  These exemptions can exclude you from the shared responsibility payment (penalty) for 2016.

  1. Did you have a lapse in coverage for longer than 3 months during 2016?
  2. Did you choose to not have health insurance?
  3. Were you uninsured because of the cost?

http://www.irs.gov/Affordable-Care-Act/Individuals-and-Families/ACA-Individual-Shared-Responsibility-Provision-Exemptions