The IRS released draft 2018 forms for Affordable Care Act (ACA) reporting under Internal Revenue Code (Code) Sections 6055 and 6056. Draft instructions for 2018 have not yet been released.
The 2018 draft forms are substantially similar to the final 2017 versions. However, the revised version of the Form 1095-C clarifies that the “Plan Start Month” box in Part II will remain optional for 2018. The IRS previously indicated that this box may have been mandatory for the 2018 Form 1095-C.
Keep in mind that the 2018 draft instructions for these forms may include additional changes or clarifications, once released. Also, the IRS may make additional changes to these forms before releasing final 2018 versions.
Employers should become familiar with these forms for reporting for the 2018 calendar year. However, these forms are draft versions only, and should not be filed with the IRS or relied upon for filing.
- 2018 draft Forms 1094-C and 1095-C were released July 11, 2018, and will be used by applicable large employers (ALEs) to report under Section 6056, as well as for combined Section 6055 and 6056 reporting by ALEs who sponsor self-insured plans.
- 2018 draft Forms 1094-B and 1095-B were also released in July 2018, and will be used by entities reporting under Section 6055, including self-insured plan sponsors that are not ALEs.
Speak with Arista Consulting Group for more information.
Two HSA Bills Passed by the House
The House of Representatives passed two bills that have the potential to transform how health savings accounts (HSAs) are used. Despite passing in the House, the two bills need to be passed by the Senate in order for them to become laws.
What do the two bills propose?
H.R. 6199 (Restoring Access to Medication and Modernizing Health Savings Accounts Act), in addition to other changes, would reverse the ACA’s prohibition on using HSAs on over-the-counter health expenses.
H.R. 6311 (Increasing Access to Lower Premium Plans and Expanding Health Savings Accounts Act), in addition to other changes, would allow certain individuals to use the ACA’s tax credit when buying low-premium Marketplace plans.
Please contact us for more information.