Are 1095 B Forms Required for 2024?
As the end of the year approaches, many individuals and businesses are beginning to wonder whether they need to file 1095 B forms for the 2024 tax season. The 1095 B form is a crucial document for individuals who received health insurance coverage through the Affordable Care Act (ACA) marketplace or through an employer. In this article, we will discuss whether 1095 B forms are required for the 2024 tax year and what you need to know.
Understanding the Purpose of 1095 B Forms
The 1095 B form is an IRS tax document that provides information about health insurance coverage provided to an individual during the tax year. For the 2024 tax season, the form will be used to report information about health insurance coverage provided through the ACA marketplace or through an employer. This information is essential for individuals who need to determine their eligibility for tax credits and subsidies.
Are 1095 B Forms Required for 2024?
Yes, 1095 B forms are required for the 2024 tax season. However, the requirements may vary depending on the type of coverage you have:
1. ACA Marketplace Coverage: If you obtained health insurance coverage through the ACA marketplace, you will receive a 1095 B form from the marketplace. You must file this form with your tax return to claim any applicable tax credits or subsidies.
2. Employer-Provided Coverage: If you received health insurance coverage through your employer, your employer is required to provide you with a 1095 B form. You must keep this form for your records and may need to file it with your tax return if you are claiming any tax credits or subsidies.
What to Do if You Don’t Receive a 1095 B Form
If you do not receive a 1095 B form, you should contact the appropriate entity to request one:
1. ACA Marketplace Coverage: Contact the Health Insurance Marketplace where you obtained coverage. They should be able to provide you with a copy of the form or instructions on how to obtain it.
2. Employer-Provided Coverage: Contact your employer’s human resources department or the appropriate point of contact. They should be able to provide you with a copy of the form or assist you in obtaining it.
Conclusion
In conclusion, 1095 B forms are required for the 2024 tax season for individuals who received health insurance coverage through the ACA marketplace or through an employer. It is important to keep these forms for your records and to file them with your tax return if necessary. If you do not receive a 1095 B form, be sure to contact the appropriate entity to request one. By staying informed and prepared, you can ensure a smooth tax filing process.
