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Video instructions and help with filling out and completing 1095-c codes 2021
Welcome to hub internationals 2021 ACA reporting refresher we will focus primarily on the completion of form 1095 - see how to complete lines 14 in line 16 as well as some examples that discuss the coordination of multiple codes as to complete those specific lines I am liliana salazar chief compliance officer for the western region of employee benefits of hub international today we'll focus on addressing the more common code combinations on how to complete a form 1095 - see why is the use of codes necessary to complete form 1095 - see the use of various codes on lines 14 and 16 of a form 1095 - C allow the IRS to determine various factors first of all was the individual qualified to receive premium tax credits or subsidies from an exchange or marketplace or more critically with the employers subject to penalties under the employer shared responsibility under IRS Code section 49 a th a and B if the employer failed to make an offer of coverage that meant all ACA criteria as both the individual mandate penalty and the employer mandate penalty are calculated on a monthly basis the IRS will need to know for each month of a calendar year the type of offer that was made to that full-time employee who the offer of coverage was made - such as the employee spouse and/or children or a combination thereof whether that coverage was affordable to the employee and if in fact that plan offered minimum value coverage lastly if the employee involved in the plan that was offered by their employer there is a more detailed discussion of these particular concepts in parts 1 and 2 of the on-demand webinar line 14 reflects a type of offer of coverage that was made to an individual for every month of a calendar year codes for line 14 will always commence with a number and then be followed with a letter so you will have number one and the letter can be either a all the way through letter K let's discuss the more commonly used codes to complete line 14 code 1a will be used by employers to report coverage that meets the qualifying offer method requirements that means that coverage is deemed to be a qualifying offer as it was offered to the employee the employees spouse and the employees dependent children the coverage is minimum essential coverage minimum value and it seemed to be affordable based on a hundred percent of the federal poverty safe harbor note that if code 1a is used on line 14 you are not to complete line 15 and it is optional for you to complete line 16 another common code is code 1e code Bernie's is used to reflect that an offer of coverage was made to the employee the employees spouse and the employees children that coverage is deemed to be minimum essential coverage and it's also deemed to be minimum value note that.