New Affordable Care Act forms required for completing 2016 tax returns

December 11, 2015 | UToday
By Jon Strunk

Each year as tax season rolls around, University of Toledo employees receive a W-2 from UT to use as they file their tax returns. January will mark the beginning of a new, additional form large employers will provide employees for their tax returns as a new federal requirement of the Affordable Care Act.

The form — a 1095-C — confirms to the Internal Revenue Service that employees and their family members had qualifying health coverage during the year and will be needed as Americans fill out their federal tax returns. (The Affordable Care Act assesses penalties for those who choose not to purchase health insurance.)

The 1095-C form will be distributed to full-time employees who had coverage at UT for at least one month during 2015. Part-time employees who do not receive health insurance will not receive a 1095-C.

“To be clear, this is not a University of Toledo change; it is a change for all employers in the country who offer health insurance as required by the Affordable Care Act,” said Jovita Thomas-Williams, vice president and chief human resources officer. “But as this will be new to all employees, we want to be sure we are communicating early and clearly about the change.”

Thomas-Williams said the change could be boiled down into three easy messages:

• What to expect — You will receive Form 1095-C for the first time in January.

• Why you should care — You will need information on the form to prepare your 2015 taxes.

• Be on the lookout — Watch for the form in your mail in January.

She added that UT Human Resources and Talent Development will continue to spread the word about the 1095-C form both before and after it is distributed to employees.

There are several versions of the form: Companies with fewer than 50 employees have slightly different requirements and will distribute a 1095-B to their employees. Other Americans who buy health care directly through the marketplace exchanges established by the Affordable Care Act will receive a 1095-A.

“Even if your spouse or friends have a different form, the 1095-C form is the one you will receive from The University of Toledo,” Thomas-Williams said.

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