If you are waiting for your Form 1095 to complete your tax return, you may be waiting a little longer!
IRS Notice 2016-4 extends the due dates for the 2015 information reporting requirements for insurers, self-insuring employers, and certain other providers (both furnishing to individuals and filing with the IRS) for insurers, self-insuring employers, and certain other providers of minimum essential coverage.
Specifically, this notice extends:
- The due date for furnishing to individuals the 2015 Form 1095-B - Health Coverage, and the 2015 Form 1095-C – Employer Provided Health Insurance Offer and Coverage, from February 1, 2016 to March 31, 2016,
- The due date for filing with the IRS the 2015 Form 1094-B - Transmittal of Health Coverage Information Returns, the 2015 Form 1095-B - Health Coverage, the 2015 Form 1094-C - Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns, and the 2015 Form 1095-C - Employer-Provided Health Insurance Offer and Coverage, from February 29, 2016, to May 31, 2016, if not filing electronically, and from March 31, 2016, to June 30, 2016 if filing electronically.
Form 1095-C will include information about your coverage and is used to determine eligibility for the Premium Tax Credit. Please note that this extension will not affect individuals who:
- Have employer-sponsored coverage or other coverage not provided through the Marketplace.
- Would not qualify for the Premium Tax Credit (i.e. has high household income or qualifies for Medicare).
- Did not enroll in any coverage.
This notice also provides guidance to individuals who might not receive a Form 1095-B or Form 1095-C by the time they file their 2015 tax returns. The IRS is prepared to accept filings of the information returns on Forms 1094-B, 1095-B, 1094-C, and 1095-C beginning in January 2016.
The IRS encourages employers and other coverage providers to furnish statements and file the information returns as soon as they are ready.
By: Joe Turnes, CPA