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Form 1095-B - Due Date and penalties for 2023 Tax Year

Updated on February 05, 2024 - 03:00 pm by, TaxBandits

Staying compliant with the IRS is more important when you file any tax forms. If you miss or forget to file on time, you will definitely be fined by the IRS. It applies to all forms, including Form 1095-B. This article covers the due date for filing Form 1095-B and penalties if you’ve missed filing it. Also, we have shared a few tips to avoid penalties.

1. When is the deadline for filing Form 1095-B?

The deadline for filing 1095-B differs based on the mode you choose for filing. The IRS supports both paper filing and e-filing. Every year Form 1095-B should be paper-filed before February 28. In the case of e-filing, the deadline is April 01. Recipient copy should be issued before March 01. For the 2023 tax year, the deadline is as below :

Form 1095-B due date - 2024

Form Type Paper filing E-filing Recipient copy
Form 1095-B February 28, 2024 April 01, 2024 March 01, 2024

2. What are the penalties associated with 1095-B?

You may incur penalties if you do not provide minimum health coverage and not filing 1095-B on time.

Penalties for not providing health coverage

You should provide minimum health coverage to at least 95% of full-time employees and independents. If you don’t provide so, you will be charged $2570 per full-time employee.

Penalties for filing Form 1095-B late

No. of days delayed Penalty rate
30 days $60 per return
31 days late – August 1 $120 per return
After August 1 $310 per return
Intentional Disregard $630 per return

If you have reasonable cause for filing 1095-B, the IRS may reduce or waive off penalties. However, the final decision on penalties will be made by the IRS.

3. How to avoid late filing penalties?

To avoid unnecessary penalties, follow the tips below.

  • File your tax return on time.
  • Provide health care coverage to all full-time employees.
  • Furnish employee copies on or before the deadline.
  • Ensure the details provided in 1095-B are credible.
  • In case you are unable to file 1095-B on time, approach the IRS with a valid explanation.

You may end up filing 1095-B late even if you try to file it on time. To avoid the last-minute hassles, it is always better to file 1095-B electronically. You can e-file it through TaxBandits.

TaxBandits is an IRS-certified e-file service provider with 70,000+ happy customers. We support the e-filing of 1095-B. Unlike paper filing, we will transmit your tax returns to the IRS in a few minutes after auditing. Even if you are filing it on the last day of the deadline, it will reach the IRS on time.

Get started with TaxBandits today and stay compliant with the IRS!

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