What to Do With Your Tax Form 1095-C
The Affordable Care Act requires relevant large employers or organizations with at least 50 full-time employees to send employees Form 1095-C , Offer and Coverage of Employer Provided Health Insurance. If you have worked full time for the company for at least one month a year, you will receive a form in addition to your W2 tax time (you probably already have it).
While the ACA tax penalties for not having health coverage are essentially no longer in effect, you still need to provide proof that you had insurance for at least the 2018 tax year.
This is because the Tax Cuts and Employment Act in 2017 lowered the penalty for no insurance to $ 0 starting in 2019. You’re still on the hook this year, according to Consumer Reports .
Employers must send you the form by March 4th. If you had your employer’s health insurance for the whole of 2018, you don’t have much to worry about; this is more for reference.
You may need the reference code on the form if you did not participate in insurance offered by your employer and did not have other required coverage. In this case, you may be required to pay a 2018 tax penalty (the “2017 amount” is $ 695 per adult plus $ 347.50 per child under 18):
But if you purchased insurance from a marketplace, you need to wait for Form 1095-A to file your tax return.
And after you file your tax return this year, you no longer have to worry about the form.