When you complete your personal income tax return this year, the IRS will require you to indicate whether or not you had medical insurance coverage for 2014. While the news release from the government says doing so "is as simple as checking a box," some tax preparers and DIY tax programs also may ask you for a new form, called the Form 1095, to confirm your 2014 coverage.
The issue with this is that the government will require employers to begin to provide the Form 1095 to employees next year as documentation of medical coverage, not this year. So employers will not provide the Form 1095 until next year. Consequently, this request for the form may be a bit confusing. Even without the Form 1095, you still will want to maintain some personal record of medical coverage for 2014. There are several options for you to substantiate 2014 coverage. Here are a few suggestions:
- Your year-end pay stub documenting payroll deductions for coverage for the pay period and total for the year
- A photo copy of your medical ID card
- Your Form W-2 showing the value of coverage
- Copy of your medical summary plan description (SPD)
Please contact Deb Sagstetter, manager, Rewards and Recognition, with questions at (651) 962-6521 or email@example.com.