The IRS is extending by a month the 2018 deadline for certain organizations to provide last year’s health care coverage statement forms to taxpayers who could use the information to claim tax credit on their returns.
Notice 2018-06, Extension of Due Date For Furnishing Statements and of Good-Faith Transition Relief Under I.R.C. Sections 6721 and 6722 for Reporting Required by I.R.C. Sections 6055 and 6056 for 2017, sets March 2 as the new due date for insurers, self-insuring employers, other coverage providers and certain large employers to provide Forms 1095-B, Health Coverage; or 1095-C, Employer-Provided Health Insurance and Coverage. That's an extension from the original Jan. 31 deadline.
The notice also extends good-faith transition relief from penalties in Section 6721 and 6722 to the 2017 information-reporting requirements under Sections 6055 and 6056.
The affected employers must give health care statements to employees or covered individuals about the health care coverage offered to them. Individuals can use this information to determine if they can claim premium tax credits on their tax returns.
The additional time is automatic, meaning that employers and providers don’t have to ask for it. Due dates for filing 2017 information returns with the IRS are not extended. Due dates for 2018 are Feb. 28 for paper filers and April 2 for electronic filers.
The deadline extension, however, means that people may not receive their Forms 1095-B or 1095-C by the time they want to file their 2017 tax returns.
The IRS notes that, while the information on the forms is helpful in preparing tax returns, the forms aren’t required for filing. Taxpayers, therefore, don’t have to wait for the forms and can use other information about their health coverage.
About Terry Sheridan
Terry Sheridan is an award-winning journalist who has covered real estate, mortgage finance, health care, insurance, personal finance, and accounting and taxation issues for newspapers, magazines, and websites. A Chicago native and former South Florida resident, she now lives in New England.