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Tax Tip: Affordable Care Act (ACA) Forms

Under the Affordable Care Act or ObamaCare, there are new forms that you will be receiving related to your health care coverage. If you have insurance through the exchange, you will receive a Form 1095-A.  If you have group insurance, you will receive a Form 1095-B.  If you are employed by a company that has 50 or more full time equivalent employees, you will receive a Form 1095-C.  The IRS recently provided an extension for these forms getting to you and you may not receive them until late March.  However, the IRS has stated that you can file your return without these forms as long as you provide accurate information about your health insurance coverage.

If you need assistance with the ACA form reporting or with your tax return preparation call Ketel Thorstenson today.

Ketel Thorstenson, LLP

Ketel Thorstenson, LLP

Ketel Thorstenson, LLP, has over 60 CPA’s on staff and has been serving clients across the region since 1936. With offices in Rapid City, Spearfish, and Custer SD, the firm offers a variety of services including tax planning and return preparation, audit services, QuickBooks, bookkeeping, payroll, business valuation and estate planning.
Ketel Thorstenson, LLP

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