November 15, 2014 marks the beginning of the ACA’s second open enrollment opportunity. It will remain open until February 15, 2015. This three month open enrollment is a limited time frame that allows anyone to purchase insurance from the exchange. Outside of this three month window and absent a qualifying event, most individuals will have to wait a full year before they have this opportunity again.
Early released drafts were released for the following forms:
Every person that provides minimum essential coverage during a calendar year must file an information return and a transmittal.
Forms 1094-C and 1095-C are used to report information to the IRS and taxpayers regarding individuals who are covered by minimum essential coverage, and who are subject to the employer shared responsibility provisions.
All of the above mentioned forms are required starting in 2016 (for the 2015 tax year).
Form 1095-A is issued for individuals who obtained coverage through the marketplace (health insurance exchange). It provides names, the amount of monthly premiums and advance credit payments of all covered household members.
Form 8962 is filed to figure the amount of your premium tax credit and reconcile it with any advance payment of the credit. This is filed when an individual or a member of their tax family is enrolled in a qualified plan through the marketplace and premium tax credit is taken.
Form 8965 is filed on an individual’s tax return to claim a coverage exemption for themselves or another member of the tax household. Beginning in 2014, individuals must either obtain healthcare coverage or file an exemption. If not, they will be subject to a shared responsibility payment with their tax return.