The Tax Cuts and Jobs Act (TCJA) of 2017 did not repeal the penalty for individuals not having health insurance nor the requirements for businesses to issue you forms 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 2018 tax return without these forms as long as you provide accurate information about your health insurance coverage. For 2019, there is not a penalty for individuals whom do not have health insurance but the businesses are still required to issue forms related to your health insurance coverage and you are still required to tell the IRS if you have insurance.
As always, consult with your tax professional at Ketel Thorstenson about these or other tax matters because each situation is different. Don’t navigate the difficult and ever changing tax codes and legislation on your own. Ketel Thorstenson CPAs and tax professionals receive advanced training and continuing education all year long to keep our service on the forefront of the tax industry. Call us today for guidance on tax planning, tax return preparation, and/or Tax Reform (the Tax Cuts and Jobs Act) affects or questions.