The New Year is here. Expect to see a new form that will be mailed to your home address this January. Form 1095-C is debuting in addition to the W-2. Vanderbilt has taken steps to ensure you have all of the materials you need to understand Form 1095-C.
While Form W-2 reports important wage and salary information, as well as the amount of federal, state and other taxes withheld from your paycheck, Form 1095-C reports important health insurance information you’ll need when completing your tax return.
Form 1095-C is required starting with the 2015 tax year. The Affordable Care Act (ACA) requires large employers, or employers with 50 or more full-time employees, to offer health insurance to their workers. Form 1095-C allows the Internal Revenue Service to confirm Vanderbilt’s compliance with the coverage and affordability provisions of the ACA and assists Vanderbilt employees in preparing their 2015 tax returns.
“Form 1095-C will be important to employees when filing tax returns,” said Rick Ohmer, senior director of compensation and benefits. “It is designed to help you complete your tax returns by outlining each person you covered in Vanderbilt’s health plan during the year, and which month you and your family members, if any, were covered.”
There are three parts to Form 1095-C:
- Employee and Employer Information reports information about you and your employer,
- Employee Offer and Coverage reports information about the coverage offered to you by your employer, the affordability of the coverage offered, and the reason why you were or were not offered coverage by your employer; and
- Covered Individuals reports information about the dependents covered under your self-insured health plan.
If you have not done so already, please provide the social security number of all of your dependents enrolled in the Vanderbilt Health Plan in My VU Benefits. The IRS requires this information to confirm the dependents enrolled in our health care plan.
You can find instructions on how to enter dependents’ social security numbers at hr.vanderbilt.edu/benefits/dependent-ssn.php.
Visit vu.edu/1095c for more information about the form, including a video and instructions on how to read and use the form.
Vanderbilt employees will receive Form 1095-C and Form W-2 by the end of January.