The IRS Releases 1095-B/C Final Forms for the 2024 Tax Year

The IRS mandates e-filing when you file 10 or more ACA 1095 returns. E-File Now

The IRS has released Final ACA Forms 1095-C and 1095-B for the 2024 Tax Year

Updated on October 28, 2024 - 03:50 PM by Admin, TaxBandits

The IRS updates the ACA forms involved in ACA reporting and releases their final versions Forms 1095-B and 1095-C for 2024 Tax Year ACA reporting.

This article discusses whether there are any updates made on the forms from last year.

In this article, we cover the following topics:

Are there any further changes made this time in the 2024 ACA Reporting?
When is the deadline to file 1095-B/C Forms for the 2024 Tax Year?
E-File your Form 1095-B/C with TaxBandits

1. Are there any further changes made this time in the 2024 ACA Reporting?

Actually, No! The final versions of 1095-B and 1095-C released by the IRS don't reflect any notable changes from the existing version. There is no addition or updates made to the existing set of 1095 codes.

So, the businesses who completed ACA 1095 reporting last year can find it easier this time, since there is no significant difference between both versions of the forms. They are subject to change as the IRS may still update the ACA forms in case of any sudden requirements. There are some notable changes in the ACA affordability% and in ACA Penalty rates.

ICHRA Affordability:

The IRS has adjusted the ACA affordability percentage for the 2024 tax year as 8.39%, based on the federal poverty
line percentage.

Penalties:

Under Section 4980H(a) - the penalty rate is $2,970 for the tax year 2024

Under Section 4980H(b) - the penalty rate is $4,460 for the tax year 2024

2. When is the deadline to file 1095-B/C Forms for the 2024 Tax Year?

The deadline to complete ACA reporting for the tax year has been standard over the years, and most probably, it will remain the same this year too. Here are the usual ACA deadlines established by the IRS.

Employee copy distribution	March 03, 2025
Paper filing deadline	February 28, 2025
E-filing deadline	March 31, 2025

Form 1095-B/1095-C - A Small Recap

In case you have any questions regarding the purpose of Forms 1095-B and 1095-C, here is a small recap.

As per the Affordable Care Act(ACA), Form 1095-B or 1095-C is used to report all the information to the IRS regarding the health insurance coverage offered to individuals.

Form 1095-B is filed by

Health coverage providers who provide minimum essential coverage to the individuals.
The Government employers who sponsor self-insured health coverage to non-employees.

Click here to know more about Form 1095-B.

Form 1095-C is filed by

ApplicableLarge Employers(ALE) , i.e., the employers with 50 or more full-time employees.

Click here to know more about Form 1095-C.

3. E-File your Form 1095-B or 1095-C with TaxBandits

TaxBandits, the IRS-authorized e-filing solution provider can be the best option to e-file your Form 1095-C or 1095-B. With our Internal Audit Checks, you can eliminate all the basic errors in the form during the filing process, saving a lot of time for you.

Our 1095 Excel Templates simplify your filing process! Moreover, we let you provide Online Access to your recipients. Also, we offer Postal Mailing for your 1095 recipient copies.