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Form 1094-B - An Overview

Updated on January 12, 2024 - 03:00 pm by Admin, Tax bandits

1094-B is the transmittal form that must be filed with the Form 1095-B.

Eventually, Forms 1094-B and 1095-B are used by individuals to report health coverage information offered by healthcare providers to the IRS.

Table of Content:

1. What is Form 1094-B?

Form 1094-B is the transmittal form that accompanies Form 1095-B when filing with the IRS each year.

Together, 1094-B and 1095-B Forms are used to report the type of coverage offered by health care providers to individuals and verify an individual and any dependents that received at least minimum qualifying health insurance coverage from the provider during the calendar year.

2. When is the deadline for IRS Form 1094-B?

IRS has released the proposal stating that there is a 30 extension in furnishing employee copy deadlines and it will remain the same for all the upcoming years. However there is no change in paper filing or electronic filing deadline.

The deadline to file IRS Form 1094-B is

Type of Tax Filing Due Date
Furnishing Employee Copies March 01, 2024
Paper Filing February 28, 2024
Electronic Filing April 01, 2024

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3. Information required to file Form 1094-B?

To complete Form 1094-B, you will need the following information.

  • Employee information such as name, social security number, contact information, etc.
  • Number of the Form 1095-B transmitted with Form 1094-B

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4. What are the penalties for not filing Form 1094-B?

Providers that fail to comply with the filing requirements may be subject to penalties. The penalty for failure to file information returns is $250 for each missing return, with a maximum penalty of $3 million. Special rules apply that increase the total penalties if there is an intentional disregard of filing requirements.

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5. E-File Form 1094-B/1095-B using TaxBandits

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