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Affordable Care Act update

11.19.2015 | By: Texas Wesleyan University

Organizations that employ more than 50 people are required to report to the IRS on the health insurance, if any, offered to their full-time employees. The Form 1095-C includes information about the health insurance coverage offered to you by Texas Wesleyan University.  You may receive multiple Form 1095’Cs if you worked for multiple applicable large employers in the previous calendar year.  You may need to submit information from the form(s) in 2016 as part of your personal tax filing for 2015. Below are some commonly asked questions about Form 1095-C:

 

Who is responsible for preparing Form 1095-C?

The Human Resources Department will be preparing and distributing Form 1095-C.

Who will be receiving Form 1095-C?

All full-time employees.

What do I do with the Form 1095-C?

Keep this form with the materials you give to your tax preparer. If you prepare your own taxes, you may need to refer to this information as you prepare your return.

Should I wait for the form to prepare my income tax return?

In most cases, you do not need to wait for the Form 1095-C in order to file your U.S. Individual Income Tax Return (IRS Form 1040, 1040A, or 1040EZ).  Most employees will know whether they had health coverage for a month and can simply check a box on their tax return to attest that they, their spouse (if filing jointly), and any eligible dependents had “minimum essential coverage” throughout the year.

Do I need to attach Forms 1095-C to my federal tax return?

No, do not submit these with your tax return. However, you may need to refer to them in order to complete your tax return.

Under what circumstances would I need the information on Form 1095-C to file my U.S. Individual Income Tax Return? Only if:

  • You received an advance premium tax credit or wish to take the premium tax credit on your return; or
  • You had a gap in coverage of more than three consecutive months.

How will I receive these forms?

You may receive these forms by U.S. Mail, or hand delivery or if you consented to receive the forms electronically, you may receive the form via e-mail.

When will I receive these forms?

Form 1095-C must be distributed to all full-time employees no later than February 1, 2016.

For up to date information regarding Form 1095-C and all other Texas Wesleyan employee benefits, please periodically visit the Human Resources website at https://txwes.edu/hr/

 

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