How to Fill Out a 1095 Tax Form

Learn the difference between 1095 A, 1095 B, and 1095 C forms and how they might apply to you and your tax filing season.

If you have used the Health Insurance Marketplace to enroll in insurance then you might need to fill out a 1095 tax form. There are 3 different 1095 tax forms and acts like the Affordable Care Act to consider when filling out 1095 forms as well. 

What is a 1095 Tax Form?

The 1095 tax form is a form related to the Affordable Care Act. There are actually 3 forms to keep in mind with 1095 forms. They have to do with your insurance policy, what you pay in insurance, and the Health Insurance Marketplace. 

If you or anyone else in your household was a part of an insurance plan from the Health Insurance Marketplace then you’ll want to include this form when submitting documents for your tax return each year. The 1095 tax form will be given to you by the Marketplace. It will include information about your insurance plans like any premiums you paid, premium tax credits used, and information having to do with the SLCSP (Second Lowest Cost Silver Plan). 

What is the Affordable Care Act? 

The Affordable Care Act (ACA) is a health care reform law that was enacted in 2010. This law endeavors to make affordable health care more available to more people. It helps people find and enroll in health insurance that they can afford and take part in tax credits that help lower health insurance costs for low-income households. 

What is the Health Insurance Marketplace?

The Health Insurance Marketplace can also be called the Health Insurance Exchange or just the Marketplace. The Marketplace is a service from the government that helps people find and enroll in affordable health insurance. Individuals can access this service online at HealthCare.gov where they can make use of these services online or over the phone. 

How Do I Get My 1095 Form? 

You want to get this document by mid-February. You’ll get this document from your account on HealthCare.gov. This website will usually have forms ready to download by mid-January. 

  1. Log into your HealthCare.gov online account. 
  2. Find the application you filled out for the year you are filing taxes for. 
  3. From there you’ll go to tax forms and download your 1095 forms. 

You might also receive copies of these forms in the mail. Once you have the correct 1095 forms on hand you should include these documents when you file your taxes. You should also look over these documents to make sure all the information is correct. 

How to Use the 1095 Tax Form 

The first thing you should do when you get this form is read over it to double-check that all the information is correct. If you find an error, contact the Marketplace directly to get the error corrected. One possible error that could occur is if something changed within your household (like having a baby, getting married, getting divorced, or a death in the family) and you forgot to update your Marketplace plan accordingly. 

You need the 1095 form so that you can fill out the 8962 form. This is the Premium Tax Credit Form. This form will help calculate the difference between how much of the premium tax credit you qualify for and how much you actually used. This action is sometimes referred to as “reconciling.”

Different Types of 1095 Tax Forms

As mentioned previously, there are 3 different 1095 documents, the A, B, and C versions of the form. Each one comes with slight differences to be aware of. 

Form 1095 a

This form is called the Health Insurance Marketplace Statement. This form is for anyone who has health insurance through the Heath Insurance Marketplace, also called the Health Insurance Exchange or Marketplace. 

Form 1095 b

This form is called the Health Coverage form. This form reports minimum essential coverage. It will outline the type of coverage, the months the coverage was provided for, and the names of anyone covered by the plan. This form is used to report information to the IRS if you are covered by a minimum essential coverage plan, making you not liable for individual shared responsibility payment. 

Form 1095 c

The form is called the Employer-Provided Health Insurance Offer and Coverage Insurance form. It’s given out by employers with companies that have 50 or more employees. The C form is given to employees when they are a part of an employer-provided health insurance plan. 

In Conclusion, 

If you and your household haven’t used the Health Insurance Marketplace to enroll in affordable insurance then you most likely don’t need to worry about this tax document. But if you have used the Marketplace or the Affordable Care Act, then contact HealthCare.gov to learn more and make sure you aren’t missing any important tax documents.