January 2016: New tax form 1095-C – What, Who and When

irs1095cNew tax form 1095-C – What, Who and When

What is the 1095-C form?

When filing your 2015 tax return, you will be asked questions about health care coverage for you and your dependents.

The 1095-C form will contain detailed information about your health care coverage in 2015 so that you will be able to answer those new questions.

Who will receive the 1095-C form?

Employees that were offered medical coverage from Texas Health in 2015 will receive the new tax form from Texas Health called the 1095-C. Employees who elected not to enroll in medical coverage will still receive the 1095-C form as Texas Health is required to provide to any employee that was offered medical coverage.

When can I expect to receive the 1095-C form?

The IRS has extended the deadline for employers to provide the 1095-C form to individuals from February 1, 2016 to March 31, 2016. The extension is due to numerous employers, insurers and other providers needing additional time to adapt and implement systems and procedures to gather, analyze, and report this complex information.

Texas Health Resources does expect to need additional time to ensure forms are accurate for all employees. As such, forms will not be ready by the end of January. Texas Health is working diligently to get the forms out to employees as quickly as possible and will provide an update on the status of delivery later in January.

What effect does this have on filing my taxes?

According to the IRS Notice 2016-4, “for 2015 only, individuals who rely upon other information received from employers about their offers of coverage for purposes of determining eligibility for the premium tax credit when filing their income tax returns need not amend their returns once they receive their Forms 1095-C or any corrected Forms 1095-C. Individuals need not send this information to the Service when filing their returns but should keep it with their tax records.”