The IRS Releases Draft Version of 2023 ACA Form 1095-B and 1095-C
The IRS Issued a Draft Version of 2024 ACA Forms 1095-B and 1095-C- Updated August 16, 2023 - 8.00 AM by Admin, ACAwise
The IRS issued a Draft Form 1095-B/1095-C for 2024 ACA reporting.
Like every year, this year also the IRS has updated its ACA forms to improve the reporting of employees' health coverage information.
So, before initiating the process of your ACA Reporting for 2024, you must be aware of the changes in the Form and the deadline.
2024 ACA Reporting Deadline
The ACA reporting deadline for the 2023 tax year are as follows:
|ACA reporting Requirements||Deadline|
|Recipient Copy Distribution||March 04, 2024.|
|Paper Filing Deadline||February 28, 2024.|
|E-filing Deadline||April 01, 2024.|
What's new in 2023 ACA Draft Forms 1095-B/C?
From the draft version of 1095-C and Form 1095-B, it is clear that there is no addition of codes or changes for 2024 ACA reporting.
- Based on the federal poverty line percentage, the IRS has set the ICHRA affordability percentage for the 2023 tax year as 9.12%.
- Under Section 4980H(a) - the penalty rate is $2,880 for the tax year 2023
- Under Section 4980H(b) - the penalty rate is $4,320 for the tax year 2023
- Learn more about ACA Penalties.
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