Just get a 1095 tax form in the mail? Don't throw it away!
Surprised to get a new tax return form in the mail in the past few days? You're not alone.
Millions of people across the country are getting them for the first time, as part of the Affordable Care Act. Form 1095 has 3 versions, depending on what type of insurance coverage you had last year.
The Internal Revenue Service says you only need to take action if you received form 1095-A. Form 1095-A must be included when you file your return.
1095-A means you got coverage through the government's Health Insurance Marketplace, and qualified for a subsidized premium or tax credit.
"So what they need that 1095-A to do is to get that form in hand so they can reconcile the differences between the estimated amounts of that tax credit and the actual amount that they're due," explained IRS spokesman David Tucker.
If your health coverage was through a governnent program such as the V-A or medicare, you got form 1095-B. 1095-B also applies to people who work for a small employeers, or paid for private insurance.
"The majority of people will be getting the 1095-B or the 1095-C," said Tucker.
1095-C, is for people who got their health insurance through large employers.
The good news- is both 1095-B and 1095-C are strictly for your records. They're not necessary to file your return.
No matter which form you get- double check the information to make sure it's accurate. But again, you only need to send a copy with your return if you got form 1095-A.
The reason the rest of us are just getting our 1095 forms now, is they're only for our records, and the deadline to get them out was extended until the end of last month.