Income Tax Season is Upon Us

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January 29, 2018 marked the start of income tax filing season.  People have until Tuesday, April 17, 2018, to file their 2017 returns and pay any taxes due. The filing tax deadline is later this year due to several factors. The usual April 15 deadline falls on Sunday this year, which would normally give taxpayers until at least the following Monday. However, Emancipation Day, a Washington, D.C., holiday, is observed on Monday, April 16, giving taxpayers nationwide an additional day to file. By law, Washington holidays impact tax deadlines for everyone in the same way federal holidays do. Taxpayers requesting an extension will have until Monday, Oct. 15, 2018, to file.

We have created a helpful guide identifying some of the more common forms related to employer sponsored and tax advantaged accounts.  For Employers who are looking for information on the required employer reporting under the Affordable Care Act (ACA), we also have created an Employer Reporting page that provide links to forms, instructions, and flyers.

TAX INFORMATION PROVIDED TO INDIVIDUALS 

IRS Form or Schedule

Who Provides

What is it

Benefit Related

Deadline to provide to individuals

Form 1095-A

Marketplace/Exchange

Proof that an individual is enrolled in a qualified health plan on the Health Insurance Marketplace and used by individuals to calculate/reconcile the premium tax credit

Health Insurance

1/31/18

 

 

 

 

 

 

Form 1095-B (Insured plan)

Insurance carrier

Proof that an individual/family is enrolled in minimum essential health coverage (MEC) under an insured plan

Health Insurance

1/31/18 (extension-3/2/18)

 

 

 

 

 

Form 1095-B (self-funded plan*) *Does not include integrated HRAs w/major medical plan or Health FSAs.

Employer

Proof that an individual/family is enrolled in minimum essential health coverage (MEC) under a self-funded plan. 

-Self-funded health plans; Retiree HRA; PEB; HRA participants only when HRA permits employees enrolled in spouse’s employer’s health plan to participate; COBRA Beneficiary

1/31/18 (extension 3/2/18)

 

 

 

 

 

Form 1095-C

Employer

Provided to Full-time employees of an Applicable Large Employer (ALE) regarding the details of whether or not the individual/family has affordable, minimum essential coverage (MEC) under the employer plan and for what months they are covered under the plan.

Health Insurance

1/31/18 (extension-3/2/18*)

 

 

 

 

 

Form 1099-SA

HSA Custodian/Trustee (i.e. Avidia Bank)

Provides total HSA distributions for the year

HSA

1/31/18

 

 

 

 

 

Form 5498-SA

HSA Custodian/Trustee (i.e. Avidia Bank

Provides total HSA contributions for the year

HSA

5/31/18

 

TAX FORMS USED BY INDIVIDUALS 

IRS Form or Schedule

What is it

Benefit Related

Form 2441

Form used to report participation in a Dependent Care Flexible Spending Account (FSA) and/or claim the federal childcare tax credit

Dependent Care FSA

Form 8889

Form used to report contributions and distribution under a Health Savings Account (HSA.

HSA

 Note:  Please consult a tax advisor for specific questions about your personal situation.

 

Categories: Benefits in General, Health Care Reform, Compliance | Tags: IRS , 1095-A , 1095-B , 1095-C , 1099-SA , 5498-SA , HSA , Dependent Care FSA , Form 2441 , Form 8889 , ACA , group health insurance , HRA , PEB , COBRA Beneficiary | Return