The IRS Releases Final Version of 2022 ACA Form 1095-B and 1095-C
The IRS Issued a Final Version of 2023 ACA Forms 1095-B and 1095-C- Updated August 19, 2022 - 8.00 AM by Admin, ACAwise
The IRS issued a Final Form 1095-B/1095-C for 2023 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 2023, you must be aware of the changes in the Form and the deadline.
2023 ACA Reporting Deadline
The ACA reporting deadline for the 2022 tax year are as follows:
|ACA reporting Requirements||Deadline|
|Recipient Copy Distribution||March 02, 2023.|
|Paper Filing Deadline||February 28, 2023.|
|E-filing Deadline||March 31, 2023.|
What's new in 2022 ACA Final Forms 1095-B/C?
From the final version of 1095-C and Form 1095-B, it is clear that there is no addition of codes or changes for 2023 ACA reporting.
- Based on the federal poverty line percentage, the IRS has set the ICHRA affordability percentage for the 2022 tax year as 9.61%.
- Under Section 4980H(a) - the penalty rate is $2,750 for the tax year 2022
- Under Section 4980H(b) - the penalty rate is $4,120 for the tax year 2022
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