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Premium Tax Credit Forms Deadline Extended for Employers and Insurance Providers

If you're an individual who qualifies for the Premium Tax Credit you are required to file information on your tax return about your coverage in order to claim the credit. The Premium Tax Credit is a refundable credit that helps eligible individuals and families cover the premiums for their health insurance purchased through the Health Insurance Marketplace. To get this credit, you must meet certain requirements and file a tax return. Health coverage tax credit

This year, employers and health coverage providers have been given an additional 30 days to send you health coverage information forms.  You do not have to submit these forms with your tax return, but you do need to make certain that the numbers you claim on your return match the numbers submitted by your employer and health coverage provider should your filing be questioned by the IRS.

The IRS has extended the 2018 due date for certain employers and health coverage providers to furnish 2017 health coverage information forms to individuals. The following organizations now have until March 2, 2018, to provide Forms 1095-B or 1095-C to individuals:

  • Insurers
  • Self-insuring employers
  • Other coverage providers
  • Applicable large employers

The March 2nd date is a 30-day extension from the original due date of January 31st. These organizations must furnish statements to employees or covered individuals. The statements have information about the health care coverage offered or provided to the employees or covered individuals. The recipients may use this information to determine if they can claim the Premium Tax Credit on their individual income tax returns.

This 30-day extension is automatic. Employers and providers don’t have to request it. The due dates for filing 2017 information returns with the IRS are not extended. For 2018, the due dates to file information returns with the IRS are:

  • February 28 for paper filers
  • April 2 for electronic filers

Because of these extensions, individuals may not receive their Forms 1095-B or 1095-C by the time they are ready to file their 2017 individual income tax return. To be clear, while information on these forms may assist in preparing a return, taxpayers who wish to claim the Premium Tax Credit are not required to have these forms to file. Taxpayers can prepare and file their returns using other information resources about their health coverage. So, taxpayers do not have to wait for Forms 1095-B or 1095-C to file.

If you have any questions about how the updated deadline may affect you or your business, please don't hesitate to contact one of tax preparation specialists at McRuer CPAs online or by calling 816.741.7882. 


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