Now that the Affordable Care Act (ACA) has been fully in place for a while, the forms you will be getting to file your taxes have increased. 

Remember the fun last year with the form 1095-A from the insurance exchanges that let you file for the Premium Tax Credit (or pay some or all of it back if you didn’t deserve it)?  Well, this form is back as well as two other forms we haven’t seen before (what fun!)  In addition to the form 1095-A we also have:

1) Form 1095-B: this form reports the insurance you paid for this year if you didn’t go through an exchange and got insurance directly from a health insurance company.  You need this to prove you had insurance and are not subject to the shared responsibility payment (Penalty for not having insurance.)

2) Form 1095-C: this form is filed by an employer and is needed if the employer has over 50 employees (an Applicable Large Member, or ALE) and if the employer provides a self-insured plan to report minimum coverage that may allow the employee to get a Premium Tax Credit. (It also shows the employee has the minimum insurance coverage so they don’t have to pay a penalty.)

This year the shared responsibility payment is $325 per adult and $162.50 for children, up to a maximum of either $975.00 per family or 2% of  the income of the household, whichever is higher. This can be a pretty big chunk if you are not with the program (or any health insurance program), so make sure you have insurance.  Next year the maximum per family goes up to $2,085.00 or 2.5% of the household income, so things are getting worse and worse.  It will soon be cheaper to just have insurance.

 For financial,  accounting and tax musings,