What is the Form 1095-C
The Form 1095-C contains detailed information about the health care coverage provided by your employer. You do not need this to complete your tax return. Prior to 2019, this information was used to determine whether you would pay a penalty for failing to have health care coverage as required by the Patient Protection and Affordable Care Act. However, the penalty no longer applies.
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 during the tax year, 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 should receive your 2019 1095 form by March 2, 2020. 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 Health Savings Plan (the consumer driven “high deductible” plan). Even if you were enrolled in the Classic or Premier plan, or you cover your family, the rate shown for everyone is the cost for ‘employee only’ coverage under the Health Savings 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 2019, 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 with your other important tax documents.
Should I wait for the form to prepare my income tax return?
No. You do not need to wait for the 1095 form to file your federal tax return (1040, 1040A or 1040EZ). However, you may need a 1095 form if you received an advance premium tax credit or wish to take the premium tax credit on your return.
Do I need to attach the 1095 to my tax return?
No, do not submit your 1095 form with your tax return. 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 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?
There is no impact now that the penalty for not having health insurance coverage is suspended.
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.