We Want Our Clients to be Aware of the Importance of Form 1095-B
What is Form 1095-B: Health Coverage?
Updated for Tax Year 2017 from Intuit Turbo Tax
Form 1095-B is a health insurance tax form which reports the type of coverage you have, dependents covered by your insurance policy, and the period of coverage for the prior year. This form is used to verify on your tax return that you and your dependents have at least minimum qualifying health insurance coverage. If you had a break in health care coverage for the tax year, you may have to pay an individual shared responsibility payment, also known as a tax penalty.
Under the Affordable Care Act, also known as Obamacare, taxpayers who do not have health insurance coverage must pay a penalty when they file their tax returns. Those who have health insurance that meets the standards of the law may receive Form 1095-B directly from their health care insurer and from employers who have less than 50 full-time employees (small businesses).