What's new for tax year 2019
Under the Tax Cuts and Jobs Act, the individual shared responsibility payment was reduced to $0 for months beginning after December 31, 2018. In tax year 2019, Form 1040 no longer has a Full-year health care coverage or exempt box and Form 8965 for Health Coverage Exemptions is no longer used. Due to these changes form 1095-B and 1095-C are no longer required to be entered into the tax return and should be kept by the taxpayer for their records. If your client received a form 1095-A for Health Insurance Marketplace Statement this information is still required for tax year 2019. This form is used to generate the Form 8962 to reconcile any advance payments of the premium tax credit or claim the premium tax credit. Click here for more information.