Questions and Answers about ACA IRS Reporting
The Affordable Care Act requires new Internal Revenue Service (IRS) tax forms to be sent for the 2022 calendar year to some employees. PfISD is an Applicable Large Employer with a self-insured plan. The following questions and answers are meant to help you understand the new tax forms. It is important to keep the forms when you receive them in early 2023 – they contain information you need to complete your 2022 tax return.
Q1. What tax form will I receive?
A1. Employees will receive a Form 1095-C from PfISD, if full-time or enrolled in our plan, even though you were not a full-time employee, such as a COBRA beneficiary at any time in 2022. Form 1095-C shows we offered health coverage and who enrolled. The entire form will be completed if you enrolled (and your spouse or dependents were enrolled) in our health plan. If you (and your spouse or dependents) were not enrolled in our health plan, only parts I and II of Form 1095-C will be completed.
Q2. Why might I get a tax form?
A2. Form 1095-C helps determine if you or your family members are eligible for a premium tax credit (a.k.a. subsidy) based on whether PfISD offers employee coverage that meets government standards for minimum value and affordability. The 1095-C form will also show if you and your family members were enrolled in health coverage and therefore do not owe a penalty to the IRS.
Q3. Will the tax form(s) include information about all my insurance plans?
A3. Form 1095-C only includes information about health coverage offered by PfISD and who enrolled in the health coverage. It will not include information about dental, vision, life, disability, accident or other types of coverage.
Q4. When can I expect the form?
A4. The form will be sent no later than March 2, 2023.
Q5. How will I receive the form?
Q5. PfISD will send the form via first class mail to the address you provided to HR.
Q6. What should I do with the form?
A6. Keep the form in a safe place with your other 2022 tax documents like your W-2. Information on the form may be needed to complete your 2022 tax return.
Q7. What if I find an error in the form?
A7. Please review the form for accuracy as soon as you receive it. If you find an error, please call the phone number on the form immediately to report the error.
Q8. What if I do not receive Form 1095-C or Form 1095-B?
A8. Not all employees will receive a Form 1095-C or Form 1095-B. Only Applicable Large Employers will send a Form 1095-C to full-time employees, those who work at least 30 hours per week. If you were enrolled in the health plan any time during the year, even if you were not a full-time employee, you will also receive a Form 1095-C from PfISD.
Q9. I am enrolled in COBRA. Will I receive a form?
A9. Yes, if you were enrolled in our health plan under COBRA, you will receive Form 1095-C from PfISD.
Q10. What if my address is changed?
A10. Please provide your most current address to us as soon as possible so the form(s) can be sent to the correct location.
Q11. What do the codes on part II of Form 1095-C mean?
A11. The codes on Form 1095-C explain the offer of health insurance by PfISD and whether you enrolled in the coverage. The codes will be explained in detail on the back of Form 1095-C.
PfISD offers health coverage that meets minimum value and affordability in compliance with the Affordable Care Act. This coverage generally means full-time employees and the members of that employee’s household will not be eligible for a premium tax credit (a.k.a. subsidy) from the Exchange Marketplace (www.healthcare.gov), even if the full-time employee declines our offer of coverage. You are encouraged to get and keep health coverage as required by federal law. You could be subject to a penalty if you do not have health coverage.
This communication is based on the known provisions of the Affordable Care Act. Any inclusion of incorrect data or omission of data is unintentional. This is not to be construed as legal or tax advice. Please consult your tax advisor for more details about these tax forms.