It is important that you know what information you need before you begin preparing form 1095-B for ACA reporting. We’ve compiled the following 4 key topics in our Form 1095-B Guide that may help you to correctly and timely complete your filing.
What’s new for Form 1095-B?
Beginning in Tax Year 2023, the electronic filing threshold has been decreased to 10 forms. This means that filers with more than 10 forms total (across all form types) must submit an electronic filing.
Form 1095-B Guide – Key Topics
Our Form 1095-B guide identifies 4 key topics that will help you get started with your ACA filing.
Identify Responsible and Covered Individuals
First, you’ll need to identify the responsible and covered individuals included in the health plan coverage. The IRS defines the responsible individual as “the person who, based on a relationship to the covered individuals, the primary name on the coverage, or some other circumstances, should receive the statement.”
Verify Individual TIN Information
It is crucial to verify the taxpayer identification numbers (TIN) of the responsible and covered individuals in order to avoid having to file corrections, re-issue forms to recipients, and potential penalties from the IRS.
Tools such as TINCorrect can help you verify TIN information for your businesses and employees before you file.
Determine Origin of Health Coverage
Health coverage can be offered by employers, government-sponsored programs, or other coverage options.
Obtain Issuer TIN and Contact Information
Be sure to verify your TIN information and a good phone number that recipients can call if they have questions about their 1095-B forms.
ACA Deadlines
As a best practice, we recommend starting your filings as early as possible. This ensures you have ample time to collect the required information, complete the necessary forms, and verify the information for possible typos and other errors.
The IRS filing season 2025 deadlines for tax year 2024 are as follows:
| 2025 ACA Deadlines (TY 2024) | Date |
|---|---|
| Paper File Deadline | February 28, 2025 |
| Recipient Copy / Furnishing Deadline | March 3, 2025 |
| E-file Deadline | March 31, 2025 |
Please note that these are just the federal deadlines. Please verify with your state for any state ACA requirements and the proper submission methods.
Conclusion
Use this Form 1095-B Guide along with our Essential Guide and become a master at your ACA filing. You can also download our ACA Essential Guide as a PDF to keep with you offline.
Lastly, be sure to get started on your ACA filings as soon as possible to ensure that you’re ahead of the deadlines.
BoomTax, The Boom Post, and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors prior to engaging in any transaction.
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