On August 28th IRS released some draft forms for the Affordable Care Act (ACA) (also called Obamacare). The draft forms are:
- 1095-A (PDF) Health Insurance Marketplace Statement, 1095-A Instructions (PDF)
This form is issued by the health insurance marketplace and is used to reconcile the credit paid towards premiums to the amount the taxpayer is actually entitled to receive.
- 1095-B (PDF) Health Coverage, 1095-B and 1094-B instructions (PDF)
The 1095-B form is issued by insurance companies showing coverage
- 1095-C (PDF) Employer Provided Health Insurance Offer and Coverage, 1095-C and 1094-C Instructions (PDF)
The 1095-C is used by large employers to provide health coverage they provide to employees averaging more than 30 hours a week.
- 1094-B and 1094-C are transmittal forms used to send as cover pages for Forms 1095-B and 1095-C
Forms 1094-B, 1095-B, 1094-C, and 1095-C will not be required for the 2014 tax year. Their use is optional for 2014 and mandatory for 2015. If you look at the due dates you will find that these forms could delay filing for people who are used to filing in January as the due date is not until January 31st. As this is the same due date for W-2s, we can hope that the issuers can eventually start issuing the forms earlier than the deadline.
Who wants to predict how badly the ACA exchange will do when issuing Forms 1095-A?