1095-A Income Tax Info

We have recently received some inquiries regarding requests for 1095-A forms for the 2014 tax year. We have also been asked about the cost of health coverage being reported by many employers on the W-2 Form. Here is some information about these forms and the Health Plan:

  • Due to the multiemployer exception in the Affordable Care Act, these forms will not be issued by this plan or the contributing employers for the 2014 plan year, nor will the cost of coverage for the Health Plan appear in the 2014 W-2 form. Forms will be issued in 2016 for the 2015 plan year.
  • We have been advised that IRS guidance allows tax preparers completing tax return forms to accept the following information in lieu of Form 1095-A or the cost of coverage information in the W-2:
    • Health care ID card showing coverage period or Notice of Eligibility
    • Explanation of Benefits or medical bill showing payment of a medical claim by the Plan

Please be aware that the Plan cannot give tax advice and you should always consult your tax preparer for more information.

For more information, here is the link to the best practices for tax preparers page on the IRS website: http://www.irs.gov/pub/irs-utl/Best%20Practices%205000A.pdf

Q&A

What is Form 1095-A? Form 1095-A, which will be needed by some people filing a Federal tax return, reflects the total monthly premium paid, months for which you had coverage and tax credits received when enrolled in a Qualified Health Plan on Healthcare.gov or a state marketplace in 2014.

Do I need Form 1095-A for my 2014 taxes? No. The SAG-Producers Health Plan is a multiemployer plan. Multiemployer Plans have an exception this year under the Affordable Care Act, and 1095 forms will not be issued by our Plan or the contributing employers for the 2014 tax year.

Will I need the 1095 Form in the future? Yes. The multiemployer exception will end next year and the Plan will issue a form in 2016 for the 2015 tax year.

For additional information please consult a professional tax preparer for assistance as the Plan cannot give tax advice.