1095-B and Accuracy

[Chowdahead]

I had read that most taxpayers will not receive these 1095-B forms (or 1095-C) until late-April in most cases.  They are not necessary to file the return according to the IRS.

However, the local health exchange has already sent theirs out, and according to clients they are not accurate.  Most have a few months checked off, when he client says they had coverage the entire year.  Others received Medicaid part of the year and paid premiums the other part when their income increased/decreased, so who knows if they will receive a 1095-A as well.  It's pretty messy.

How much stock should we put into whats indicated on these 1096-Bs?  I'd hate to calculate a penalty on a client based on bad info on the form, especially since the IRS says most client's will not receive these forms until later and they are not needed to file the return, except for the 1095-A, which is vital.

 

 

[Jack from Ohio]

28 minutes ago, Chowdahead said:

How much stock should we put into whats indicated on these 1096-Bs?

 

 

NONE.  Enter what you believe to be the actual information.  The IRS has published information that says there is no need to amend if the 1095 forms, once received, do not match what was filed. This tells me that the IRS is not going to police this matter.

The whole system and process is a pile of male bovine scat.

[Catherine]

36 minutes ago, Jack from Ohio said:

<snip>

The whole system and process is a pile of male bovine scat.

When the girls were little, I used to use the phrase "boy cow poopies."

[Chowdahead]

1 hour ago, Jack from Ohio said:

NONE.  Enter what you believe to be the actual information.  The IRS has published information that says there is no need to amend if the 1095 forms, once received, do not match what was filed. This tells me that the IRS is not going to police this matter.

The whole system and process is a pile of male bovine scat.

That's what I though!  Thanks.

[JohnH]

With respect to the 1095 and retirees, it seems to me that the SSA-1099 showing a full year of Medicare premium deductions would be sufficient evidence that the taxpayer met the courage requirements.  The 1095 is just a redundancy in this situation.  Now if they retired during the year, that might entail some additional proof, and of course if there are other family members some more digging is needed.  

[Randall]

44 minutes ago, JohnH said:

With respect to the 1095 and retirees, it seems to me that the SSA-1099 showing a full year of Medicare premium deductions would be sufficient evidence that the taxpayer met the courage requirements.  The 1095 is just a redundancy in this situation.  Now if they retired during the year, that might entail some additional proof, and of course if there are other family members some more digging is needed.  

As a side question, does having Medicare Part A but not Part B satisfy the minimum essential coverage requirement?  Part A would be free and not show up on SSA-1099.

[Jack from Ohio]

1 hour ago, Randall said:

As a side question, does having Medicare Part A but not Part B satisfy the minimum essential coverage requirement?  Part A would be free and not show up on SSA-1099.

No.  Part A is only hospitalization coverage.  Must have Part B to be in compliance.

[Randall]

21 hours ago, Jack from Ohio said:

No.  Part A is only hospitalization coverage.  Must have Part B to be in compliance

Jack, irs.gov under minimum essential coverage lists Medicare Part A.

[easytax]

On ‎1‎/‎26‎/‎2016 at 9:04 AM, Jack from Ohio said:

No.  Part A is only hospitalization coverage.  Must have Part B to be in compliance.

 

11 hours ago, Randall said:

Jack, irs.gov under minimum essential coverage lists Medicare Part A.

This is interesting --- follow along here --- technically BOTH are correct.     IRS wise, Randall is correct.

If you read the ACA (not really advised --- lot of headaches, etc.) they require in their description of "minimum essential coverage" that labs and such OUTSIDE the hospital be covered at no cost, etc. and a lot of other side factors here.     Medicare part-A only covers HOSPITAL (inpatient (admitted only - NOT under observation ///but that is another discussion) and NOT out-patient) so VERY technically part A by itself and definition of the ACA is NOT -- minimum essential coverage.

HOWEVER the IRS "lists" Medicare part A as being acceptable as minimum essential coverage ---- so //// Randal is correct for our purposes.

      Interesting that the "law" and what is allowable can be (/s) different when the government wants.

           Keep taxing and stay "the good preparers"   NOT the ones the government says take advantage of the //poor public//.