I have heard this same question many times in the last week: “Should I be receiving a 1095?”. First off what is a 1095? The 1095 is a form you should receive from your insurance provider that will show what months you were covered by insurance.
If you used the market place the form will also tell what subsidies you were allowed and what you paid. Those that used the market place in 2014 have already seen these forms since it was mandatory for the market place in 2014. However, an individual who has insurance through another avenue should also receive these forms.
I know in one of my prior posts I mentioned that you would need your form 1095s in order to file your tax return this year. However the IRS has changed the rules on everybody, the original due date to individuals was February 1, but this date has been extended to March 31.
What does this mean for you?
Your preparer will probably be asking the same questions as last year about if you had insurance all year or if not, when you did have insurance. You will still be receiving 1095s from the market place timely so those will need to go to the preparer, but if you have not used the market place and the 1095 is the one piece of information you are waiting on to set up that appointment with your preparer, it is acceptable for your preparer to finish your return without it.
The next questions I get is, “What do I do if my return is already prepared and I receive my 1095?” In this case, providing that what you told the preparer to report for health insurance coverage matches the months that are on the form, you should file the form with your copy of your tax return. If there is a discrepancy with what you told the preparer and what is reported, you should talk to your preparer about those difference to determine if anything needs to be changed.
The Wassman CPA Services website and blog is meant to offer general information to our readers. The information provided is not intended to replace or serve as a substitute for any accounting, tax or other professional advice, consultation or service. You should contact Wassman CPA Services for advice concerning specific matters prior to making any decisions.