1095-B Form

1095-B Form

The 1095-B Form titled “Health Coverage” reports to the IRS and tax payers the type of insurance an individual has, dependents that are covered under the insurance policy and the months of coverage enrollment. This form contains information that is needed to complete income tax returns but does not need to be included when filing returns with the IRS.

1095-B reporting requirements were established under the Patient Protection Act, also referred to as the Affordable Care Act, so that insurance providers and self-insured companies could report to the IRS that an individual and their dependents had minimum essential coverage providing minimum value. According to the ACA (Affordable Care Act) legislation, if you an individual does not have health insurance coverage, he/she could  a penalty. This is often referred to as the “Individual Mandate” or “Individual Shared Responsibility Payment” under the ACA guidelines. The penalty associated with the Individual Mandate was repealed beginning in 2019 pursuant to the The Tax Cut and Jobs Act of 2017 (“Tax Act”).

The 1095-B Form has four parts:

Part I – Identifies the person who is on the insurance policy

Part II – Identifies the employer, if the health plan is employer sponsored

Part III – Identifies the insurance company providing coverage

Part IV – Lists the dependents who are covered by the insurance plan

The 1095-B reporting deadline to file with the IRS is February 28th if paper filing and March 31st if filing electronically.  If the deadline date falls on a Saturday, Sunday or legal holiday, the deadline would be the next business day.   

For more information, 1095-B instructions can be found here; https://www.irs.gov/pub/irs-pdf/i109495b.pdf

1095B Form Image