The IRS has issued a two-month extension on the due dates for two new health care information reporting forms. The new deadline is March 31, 2016 for employers and health insurance providers to provide individuals with Form 1095-B and Form 1095-C.
The deadlines for reporting this information to the IRS are extended by three months to May 31 for paper filers and June 30 for electronic filers. This is the first year employers and insurers are required to report certain information about health coverage under the Affordable Care Act to employees and the IRS. Although the extension was granted, employers and providers are encouraged to provide statements as soon as they are ready.
The IRS has announced it will begin accepting returns on Jan. 19. Some individual taxpayers may not receive Form 1095-B or 1095-C by the time they are ready to file their 2015 tax returns. The forms are not required for preparing a return. While they are helpful, other information about an individual’s health insurance can be used. Individuals do not have to wait for the forms to file their return. The forms provide a record of health coverage but don’t need to be attached to the tax return.
The deadline for Form 1095-A was not changed. Health Insurance Marketplaces should provide the form to individuals who enrolled for coverage through the marketplace by Feb. 1.