HR Hotspot: 2015 tax information
Our Human Resources department has launched a new Healthy Times feature to provide updates on information employees can use on various HR issues. Be sure to watch for “HR Hotspot” on here!
• 2015 W2s
It’s that time of year! We have all began in one way or another to prepare in filing 2015 taxes. HR has been expeditiously working to wrap up on year end reports in preparation to deliver W2s to employees. We anticipate W2s to arrive at LFCHD and be delivered to department supervisors by the end of this week. They should also be available on ECI, under the Compensation tab, by then as well.
1. What is this Form 1095?
The 1095 is a new tax form that is sent to you by your company that includes information about your healthcare insurance coverage. Almost all employees will get this. It serves as a “proof of insurance statement” that shows the IRS that you have health insurance coverage through your company. You’ll take information from it to use in your tax filing, similar to how you take information from your W-2 form and transfer it to your tax forms.
You can see what the 1095-C (there are three versions: A, B and C. C is used by companies with 50 or more employees) looks like here!
2. Why am I even getting a 1095 form?
You’re getting it because it’s required that you receive it as part of the new healthcare law, the Affordable Care Act.
3. When will I be getting my 1095?
You should receive your 1095 form by the end of February.
4. What do I do with it?
As mentioned in the previous question, your 1095 will contain information that you will transfer to your 1040, 1040A or 1040EZ tax form. You do not need to submit the 1095 form with your 1040. In fact, most people will only have to check a box on their 1040s stating that they (and their dependents if applicable) were covered by their company for the year.
5. Where can I get more information about the 1095?
You can find more 1095 information here on the IRS website.