New forms to keep with your 2015 income tax records


Under the health care reform law known as the Affordable Care Act, most Americans are required to have minimum health coverage or pay a penalty on their income taxes. ACA-defined full-time employees enrolled in the North Idaho College medical plan will receive two new forms within the first three months of 2016. Here’s what they’re for:

  • Form 1095-C: This form will be sent to employees who were ACA-defined full-time in at least one month of 2015 (regardless of health plan eligibility and/or enrollment) and includes information about the health insurance coverage, if any, North Idaho College offered to you in 2015. If you purchased health insurance coverage through your state health insurance marketplace or HealthCare.gov and wish to claim the premium tax credit, this information will assist you in determining whether you are eligible, and the amount of such premium tax credit (if any).

  • North Idaho College is responsible for sending this form.

  • Form 1095-B: This form will be sent to individuals enrolled in North Idaho College medical plan coverage in 2015. This form provides the information needed to support your income tax return that you (and your spouse and dependents, if applicable) had qualifying health coverage for some or all months during the year (see Form 1040, line 61; Form 1040A, line 38; Form 1040EZ, line 11). Responsibility for sending this form belongs to insurance carriers

You should receive these forms no later than March 31, 2016. You don’t attach the forms to your tax return – just keep them with your other tax records. For more information on this form and the effect on your individual tax return, you may review pages 6-7 of IRS Notice 2016-4 which can be located at https://www.irs.gov/pub/irs-drop/n-16-04.pdf and contact your tax professional.



Posted: Monday, Jan. 25, 2016

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