More tax forms to look out for this season - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

More tax forms to look out for this season


More required forms may make filing your taxes a little more complicated this year.

This tax season your employer or insurance provider is required to provide you with what's called a 1095 form.

The form proves to the IRS that you have health insurance, which is required for all Americans under the Affordable Care Act.

Mary Twitty with Panhandle Community Services said this is a way for the federal government to know you have healthcare.

As long as you have these forms, "you are not eligible to be penalized for not having health insurance," said Twitty.

For 2015, the penalty cost for not having health insurance is $325 per adult and $165 per child. That money is taken out of your tax returns.

There are three versions of the 1095 form.

1095-A is for people who purchased their insurance from a government marketplace.

1095-B is for small businesses and people with Medicare or Medicaid.

1095-C is for people who work for companies that employ more than 50 people.

These forms will be filled out by your employer, and contain information regarding your insurance coverage that is needed to fill out your usual W-2 form.

Wayne King with H&R Block said the IRS estimates 100 million 1095 forms will be distributed before February 1, 2016.

He said if you file your taxes through a tax business or computer program, you will be asked questions specific to your 1095 form.

January 31, 2016 is the last day to enroll in a health insurance program and avoid an even higher fine for not having health insurance this year.

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