Changes to IRS Health Care Forms
Last year, 2014, you were asked on your tax submission whether you had health insurance and simply selected “yes” or “no.” This year, a new system has been put in place.
The annual fee for not having insurance in 2015 is $325 per adult and $162.50 per child (up to $975 for a family) or 2% of your household income above the tax return filing threshold for your filing status, whichever is greater.
If you have insurance through your work or individual insurance:
You will receive a 1095-B-Form from your health insurance carrier. This form will prove that you have insurance and prevent you from having a penalty when you file your taxes. You will want to present this form to your tax adviser.
If the company you work for is classified as an ALE (Applicable Large Employer)
An ALE is classified as a group or affiliation containing 50 or more full-time employees during the 2015 calendar year. For these companies, the ALE must file a 1095-C for each employee.
If for any reason you don’t receive one of these forms, make sure to speak to your insurance provider or your employer.
Here’s a great infographic from greatland.com for employers:
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