Answering 6 FAQs on Form 1095-B

1. What is Form 1095-B?

Every year, taxpayers who enroll in health care coverage receive Form 1095-B from their health Insurance provider. The form reports:

  • The type of coverage the taxpayers and their families have
  • The number of dependents covered
  • The period of coverage

2. Who is a health insurance provider?

The term “health insurance providers” refers to insurance companies, self-insured employers and government agencies that provide Medicaid, CHIP or Medicare plans.

3. Why did I receive more than one Form-1095 B?

You may have received more than one Form 1095-B for one or more of the following reasons:

  • Your employer or your coverage changed during the year
  • You were covered by more than one insurance provider
  • Your family members were insured by different providers

4. I didn’t receive my Form 1095-B. What should I do?

The information on Form 1095-B contains all the information that you need to file your tax return. However, if you do not receive one by the time you are supposed to file your return, do not wait for it. Instead, use the information from your health insurance. Remember, the IRS does not issue you Form 1095-B, and therefore, you must contact your insurance provider if you have any questions related to it. You can find the contact information on line 18 of Form 1095-B.

5. What is the Minimum Essential Coverage?

According to the individual shared responsibility provision, you and your family members are required to qualify for a coverage exemption, or have a minimum essential coverage, known as qualifying healthcare coverage. If you do not have either, you will have to pay a penalty – an individual shared responsibility payment – in the form of taxes to the federal government.

6. What is the due date for filing Form 1095-B?

If you are filing with the Service the date of filing has been extended from February 29, 2016 to May 31, 2016. However, if you are filing electronically the due date has been extended from March 31, 2016 to June 30, 2016.

If you have any other questions regarding Form 1095-B or any other IRS tax related concern, feel free to contact one of the IRS tax attorneys at the Law Offices of Nick Nemeth for a no-obligation consultation. You can reach us at (972) 426-2553.

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