What is the Form 1095-C
The Form 1095-C contains detailed information about the health care coverage provided by your employer. You may need it to complete your 2016 tax return. The information you report on the form will be used to determine whether you will pay a penalty for failing to have health care coverage as required by the Patient Protection and Affordable Care Act, also called Obamacare. Think of the form as your “proof of insurance” for the IRS.
sample 1095 form (from last year)
Who receives a 1095?
The 1095 is not like a W-2 that every employee receives. 1095’s will only go to employees who worked in a benefits-eligible status in 2016, and therefore were eligible to enroll in the University’s health plan. That means employees who were not eligible for benefits – such as student employees, temporary employees, and part-time employees working less than 50% time – will not receive a 1095.
When will I get my 1095?
You must receive your 1095 form by March 2, 2017. This is an extended deadline date per the IRS (original deadline was January 31). We expect 1095’s to be mailed by mid or end of February. All University of Arkansas campuses are using a third party vendor, SOVOS, to produce and mail these forms. If you do not receive your form by March 2, please contact the UAMS Office of Human Resources at (501) 686-5650.
What information is on the 1095?
There are three parts to the form:
- Part 1 reports information about you and UAMS.
- Part 2 reports information about the coverage offered to you by UAMS.
Line 14 shows if UAMS offered you coverage and if you were enrolled.
Line 15 shows the lowest cost plan for employee only coverage, which in our case is the Classic plan. Even if you are enrolled in the Point of Service plan or cover your family, the rate shown for everyone is the cost for ‘employee only’ coverage under the Classic plan.
Line 16 explains why you were, or were not, offered coverage.
- Part 3 reports the individuals covered under your health plan.
Why did I get more than one 1095?
You will only get one 1095 from UAMS. But if you worked at more than one company in 2016, you may receive a 1095 from each company/employer. You may also receive a 1095 if you are age 65+ and enrolled in Medicare.
What should I do with my Form 1095?
When you receive your 1095-C, keep it for your records. You may need it to complete your tax return.
Should I wait for the form to prepare my income tax return?
In most cases, you do not need to wait for the 1095 form to file your federal tax return (1040, 1040A or 1040EZ). Most employees will know whether they had health coverage for each month of 2016 and can simply check a box on their tax return to attest that they, their spouse (if filing jointly) and any eligible dependents had “minimum essential coverage” throughout the year.
However, you will need a 1095 form if you received an advance premium tax credit or wish to take the premium tax credit on your return. You will also need the form if you had a gap in coverage of more than three consecutive months.
Do I need to attach the 1095 to my tax return?
No, do not submit your 1095 form with your tax return. However, you may need to refer to it in order to complete your tax return. Be sure to keep your 1095 form with your tax records.
What will the IRS do with the Form 1095 information?
The IRS will use the Form 1095 information to:
- Verify your eligibility for a premium subsidy from the government if you got Obamacare coverage from the Marketplace.
- Enforce the individual mandate which requires everyone to have health insurance
- Enforce the employer mandate which requires employers of a certain size to offer health insurance to their employees working more than 30 hours a week.
How will the Form 1095 impact my taxes?
If you do not have health care coverage and do not qualify for an exemption, you may be subject to a fine when you file for your 2016 tax return.
What if I have questions?
However, if you feel any of the information on your 1095-C in regards to your UAMS health plan coverage is incorrect, contact the UAMS Office of Human Resources/Employees Services at (501) 686-5650 or AskHR@uams.edu.