Questions have come up surrounding the new IRS 1095 form. The 1095 is the new IRS form which indicates if you and your dependents (if applicable) had medical coverage throughout 2015.
The things you need to know are:
- You do not need the 1095-C form to file your taxes.
- The 1095-C will be sent to your home by March 31st, if you were eligible for medical insurance from the College in 2015.
- If you had coverage under another company during 2015, they are responsible for sending you their 1095 form.
In January we sent a communication to all eligible employees and attached Frequently Asked Questions. These are included below for your reference. The IRS has been continuously changing the requirements and the deadlines, which has made this whole process confusing.
Frequently Asked Questions on the 1095 Form
1. Why am I getting a 1095 form?
The 1095 form is a new IRS requirement under the Affordable Care Act (ACA). More information on the law may be found here: http://www.hhs.gov/healthcare/about-the-law/index.html
2. What is form 1095?
The 1095-B and 1095-C are new tax forms which includes information about your medical insurance coverage. It indicates if you and your dependents have had qualified medical coverage also referred to “minimum essential coverage” for every month of 2015.
Champlain will be sending you a 1095-C which you will receive at home between before March 31st. If you only had Champlain College coverage for part of the year, you will receive either 1095-B or 1095-C form(s) from other companies or the Health Exchanges. https://www.irs.gov/pub/irs-prior/f1095c–2015.pdf
3. What do I do with the 1095 form?
The 1095 will verify your medical plan coverage for yourself and your dependents in 2015. You do not need to submit the 1095 form with your federal tax filing.
Each of the federal forms (1040, 1040A or 1040EZ) will require you to answer the following question:
Health Care: Individual responsibility (see instructions) Full-year coverage □
- If you had health coverage through Champlain for the full year you just need to check the box:
- 1040 – Other Taxes – Line 61
- 1040A – Tax, Credit and Payments – Line 38
- 1040EZ – Payments, Credits, and Tax – Line 11
- If you had coverage for part of the year you will receive a 1095-C from Champlain and 1095-B or C from other companies you have worked at or if you received coverage through the Health Exchanges.
Please refer to the 1095 instructions which can be found on the IRS website, https://www.irs.gov/pub/irs-pdf/i1040gi.pdf
4. How will I know if I had medical coverage through Champlain during the year?
If you are unsure you can view your medical deductions on your monthly payslip. You may view this in Workday by going to the Pay icon, under the View column, select Payslips.
5. Where can I get more information about the 1095?
You can find more 1095 information on the IRS website: https://www.irs.gov/Affordable-Care-Act/Individuals-and-Families/Understanding-Form-1095C
6. Who should I contact with questions?