In addition to filing your W-2, the IRS requires reporting of health insurance coverage information for the 2017 federal income tax reporting year. Information from IRS Form 1095-B and/or Form 1095-C must be included on individuals’ income tax return. Please be sure to watch your mail for important tax documents and safeguard your form(s) with your other tax reporting documents.
Here are some frequently asked questions about this tax reporting requirement:
Why am I getting an IRS Form 1095?
IRS Forms 1095-B and 1095-C provide health coverage information for you and your covered dependent(s) for tax reporting purposes. You are required to report and provide proof of minimum essential health coverage for you and your dependent(s), if any, on your federal income tax return.
What are IRS Form 1095-B and IRS Form 1095-C?
IRS Forms 1095-B and 1095-C provide information you need to report minimum essential health coverage for you and your dependent(s), if any, on your income tax return. The employer reports the offer of minimum essential coverage on IRS Form 1095-C. Enrollment in a self-insured plan is also provided on IRS Form 1095-C. Enrollment in a fully insured plan is reported on IRS Form 1095-B.
What is minimal essential coverage?
The health insurance coverage offered through the State of Florida/PeopleFirst and GatorCare group insurance programs are considered minimum essential coverage based on Affordable Care Act (ACA) definitions.
Who requires these forms and this reporting?
The Internal Revenue Service (IRS) requires these forms pursuant to the ACA, which requires most individuals to have minimum essential coverage.
What should I do with this form?
Safeguard this form with your other income tax filing records and use the information on the form to complete your tax return.
Why did I get multiple forms?
The most common reasons individuals receive more than one form are:
- You are enrolled in a fully insured health insurance plan. You will receive IRS Form 1095-C from your employer and IRS Form 1095-B from your fully insured health plan.
- You had more than one employer during the tax reporting year.
- You retired or terminated employment during the tax reporting year and continued health insurance as a retiree or under COBRA.
Whom do I call if I have questions about this form?
If you have questions about the form, please call your tax preparer. If you have questions about the personal information on the form (for example, your address or Social Security Number is incorrect), call the phone number in box 10 of the form. You can also visit the IRS website at http://www.irs.gov/ACA.
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A special note about OASDI tax for 2018
OASDI (Social Security) tax is a flat 6.2 percent of subject earnings. There is a wage base limit each year for calculation of OASDI tax. For 2017, the limit was $127,200, so employees only paid OASDI tax on their wages earned up to that amount. After reaching the wage cap for the year, OASDI tax was not deducted from any remaining checks for 2017.
The new OASDI wage limit for 2018 is $128,400, so OASDI tax has started again beginning with the payday of Jan. 5, 2018. At the point when employee’s wages exceed the cap during 2018, they will not see OASDI-EE tax deducted on the remaining checks for the year.
Any additional questions regarding the OASDI or other taxes can be directed to firstname.lastname@example.org.
What should I do if I lose the form?
If you are a current UF employee, call the UF Benefits Office at (352) 392-2477 or email email@example.com to request a duplicate.