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Reforms 1095B and 1095C: What You Need to Know In early 2016, many employees will receive two important tax forms. You will receive a Form 1095B if you were covered under your employers health plan

How to fill out forms 1095-b

How to fill out forms 1095-B:

1. Gather all necessary information: Before filling out forms 1095-B, make sure you have all the required information handy. This includes the names, social security numbers, and addresses of all individuals covered by the healthcare plan.
2. Review the form instructions: Carefully read through the instructions provided with forms 1095-B. The instructions will give you a step-by-step guide on how to fill out the form accurately.
3. Provide identifying information: Start by filling out the top portion of the form, which requires information about the entity providing the healthcare coverage. This includes their name, address, and employer identification number (EIN).
4. Enter covered individuals' information: The form will have sections to enter the names, social security numbers, and other necessary details of each individual covered by the healthcare plan. Ensure that this information is accurately recorded for each person.
5. Indicate months of coverage: For each individual listed, you will need to mark the months during which they were covered by the healthcare plan. Use the checkboxes or other designated areas on the form to indicate this information.
6. Note exemptions or end of coverage: If any individuals had exemptions from coverage or experienced a termination of coverage during the year, there may be additional sections on the form to provide this information. Follow the instructions to accurately report any such cases.
7. Review and validate: Once you have filled out all the required sections, take the time to review the information for accuracy. Double-check names, social security numbers, and coverage periods to ensure there are no errors.
8. Save copies and submit: Make copies of the completed forms for your records before submitting them. The forms may need to be submitted to the appropriate parties, such as the IRS or the individuals involved. Follow the instructions provided to ensure proper submission.

Who needs forms 1095-B:

1. Individuals with minimum essential coverage: Forms 1095-B are needed by individuals who had minimum essential coverage during the tax year. This includes individuals who were covered by healthcare plans that meet the requirements set by the Affordable Care Act.
2. Employers and insurance providers: Employers and insurance providers are responsible for providing forms 1095-B to individuals who were covered by their healthcare plans. They must file these forms with the IRS as well.
3. Individuals preparing tax returns: Individuals who are preparing their tax returns will need forms 1095-B to accurately report their healthcare coverage. These forms provide important information needed to complete tax forms and determine eligibility for certain tax credits or exemptions.

Note: It is important to consult with a tax professional or refer to the IRS website for the most up-to-date and accurate information regarding forms 1095-B and their requirements.

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