Payroll

 

Form 1095 FAQ
I have heard there is a new tax form related to health care reform. What is it? [Expand]
Starting in 2016 (for the 2015 tax year), the University is required by the Affordable Care Act to provide Form 1095 to everyone who is eligible for health benefits. This form is a new annual tax document in addition to your W-2 and other tax statements. Form 1095 provides information about whether you and your dependents had qualifying health care coverage available from the University (called “minimum essential coverage”) and whether you enrolled. For more information, visit irs.gov/Affordable-Care-Act or consult with a qualified tax advisor.
Will I receive a form 1095? [Expand]
The University will mail Form 1095 to every individual who was eligible for health benefits in 2017. Covered dependents will not receive their own 1095 from the University. If you are eligible for health benefits from UD starting on or after January 1, 2018 but were not eligible in 2017, you will not receive Form 1095 from the University in 2018.
Does the reporting delay affect employees and their tax returns? [Expand]
The IRS extended the due date for the 2017 form 1095-C reporting requirements to March 2, 2018.The IRS Q&A clarifies that taxpayers do not need to wait until they receive a form 1095 before they file their taxes. Taxpayers may complete their tax returns without having the 1095 form in hand. However, it is important to keep the form for your records. For more information, please visit the IRS website.
How will I need to use the 1095 to complete my tax return? [Expand]
When completing your federal tax return, you will need to indicate whether or not you had qualifying health coverage for all of 2017 or qualified for a health coverage exemption. If not, you may owe a tax penalty called an individual shared responsibility payment. Form 1095 provides supporting documentation for this question. While you do not need to attach this form to your tax filing, please review it for accuracy. Please consult with a qualified tax advisor if you have questions about filing your tax return.
Does the information on Form 1095 affect my tax rate? [Expand]
No. However, under the Affordable Care Act, individuals who do not have minimum essential coverage or qualify for a health coverage exemption may have to pay a tax penalty called an individual shared responsibility payment. More information is available at irs.gov/Affordable-Care-Act.
Will I need to submit my 1095 with my tax return? [Expand]
You should not need to attach Form 1095 to your tax filing. Retain the form with your other tax records. Please consult with a qualified tax advisor if you have questions about filing your tax return.
What is minimum essential coverage? Does my UD health plan qualify? [Expand]
“Minimum essential coverage” is the type of health care coverage an individual is required to have under the Affordable Care Act. If you do not have minimum essential coverage, you may have to pay a tax penalty. All UD health plans qualify as minimum essential coverage. More information is available at healthcare.gov or irs.gov.
When will I get Form 1095? [Expand]
The University will mail Form 1095 to your current address on file no later than March 2, 2018.
Can I get Form 1095 electronically? [Expand]
No. For 2017 taxes, all 1095s will be mailed to your current address on file by March 2, 2018.
The information on my Form 1095 is wrong or I need a new copy. Who can help me? [Expand]
If you need to correct or request a reprint of your 1095, please contact Payroll by email (pr-staff@udel.edu) or call (302)-831-8677.
I didn’t receive a Form 1095. Is there a mistake? [Expand]
You will receive a 1095 from the University only if you were eligible for health benefits in 2017. If you believe you should have received a 1095 but did not, please contact Payroll by email (pr-staff@udel.edu) or call (302)-831-8677. Please note that the deadline for the University to mail forms is March 02, 2018.
I have a question about my 1095. Who should I call? [Expand]
If you need to correct or request a reprint of your 1095, please contact Payroll by email (pr-staff@udel.edu) or call (302)-831-8677. If you have a question about filing your taxes or how to use Form 1095 to complete your tax return, please consult with a qualified tax advisor.
Will the dependents I cover on my health plan each get their own Form 1095? [Expand]
No. The University will only provide a 1095 to individuals who were eligible for health benefits in 2017, although the form includes information about covered dependents. You may need to provide a copy to any covered family members for their tax records.
The dollar amounts shown on Form 1095 don’t match what I paid for my health benefits. Is there a mistake? [Expand]
Line 15 of Form 1095-C shows how much you would have paid per month for single coverage under the least expensive University of Delaware health plan available to you. The IRS requires the University to report this information to demonstrate the affordability of your health plan options. It will not reflect your actual monthly premium if you chose a higher-cost plan or covered any dependents.
Does Form 1095 replace my W-2? [Expand]
No. Form 1095 is a new tax form that does not replace your W-2 or any other tax documents. For more information, visit irs.gov/Affordable-Care-Act or consult with a qualified tax advisor.
Where can I find out more about tax changes under the Affordable Care Act? [Expand]
Visit irs.gov/Affordable-Care-Act/Individuals-and-Families.

DISCLAIMER: Tax information is based on the University’s current understanding and is provided for general informational purposes only. The University of Delaware does not provide tax advice. Questions or concerns should be addressed to a qualified tax adviser.