2017-2025 Form

What is the 1094 B Form

The 1094 B Form is a crucial document used in the United States for reporting health coverage information to the Internal Revenue Service (IRS). This form serves as a transmittal document that summarizes the information reported on the 1095 B forms, which provide details about individuals who have minimum essential health coverage. It is primarily utilized by health insurance issuers, carriers, and certain employers to demonstrate compliance with the Affordable Care Act (ACA) requirements.

How to use the 1094 B Form

To use the 1094 B Form effectively, organizations must first gather all necessary information regarding the health coverage provided to employees or individuals. This includes details such as the names and Social Security numbers of covered individuals, the months they were covered, and the type of coverage offered. After collecting this information, the organization can fill out the 1094 B Form accurately, ensuring that all required fields are completed. Once completed, the form must be submitted to the IRS along with the corresponding 1095 B forms.

Steps to complete the 1094 B Form

Completing the 1094 B Form involves several key steps:

• Gather all relevant information about health coverage, including participant details and coverage months.
• Obtain the most recent version of the 1094 B Form from the IRS website.
• Fill in the required fields accurately, including the name of the issuer, Employer Identification Number (EIN), and contact information.
• Attach the corresponding 1095 B forms for each covered individual.
• Review the completed form for accuracy and completeness before submission.

Filing Deadlines / Important Dates

It is essential to be aware of the filing deadlines for the 1094 B Form to avoid penalties. Typically, the form must be submitted to the IRS by February twenty-eighth if filing by mail, or by March thirty-first if filing electronically. Additionally, organizations should provide copies of the 1095 B forms to covered individuals by January thirty-first. Keeping track of these dates ensures compliance with IRS regulations.

Legal use of the 1094 B Form

The legal use of the 1094 B Form is mandated by the Affordable Care Act. Organizations must accurately report health coverage to the IRS to demonstrate compliance with the ACA's employer mandate. Failure to submit the form correctly or on time can result in penalties. Therefore, it is crucial for businesses and health insurance providers to understand the legal obligations associated with this form and ensure that it is completed and filed as required.

Penalties for Non-Compliance

Non-compliance with the requirements for the 1094 B Form can lead to significant penalties imposed by the IRS. These penalties may include fines for failing to file the form on time or for providing incorrect information. The penalties can accumulate based on the number of days the form is late or the number of incorrect forms submitted. Organizations should prioritize compliance to avoid these financial repercussions.