Under the Affordable Care Act (aka ObamaCare) there are forms that you will be receiving related to your health insurance coverage. If you have health insurance through the exchange, you will receive a Form 1095-A. If you have group health insurance through your employer, 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, you may not receive them until early March. However, the IRS has stated that you can file your 2016 tax return without these forms as long as you provide accurate information about your health insurance coverage. Call the Ketel Thorstenson Tax Team with any questions, 605-342-5630.
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.