The federal government again is mandating that all large companies, including Iowa State, provide benefits-eligible employees with tax form 1095-C. The forms first were required for 2015 tax returns as part of the Affordable Care Act (ACA).
The Internal Revenue Service (IRS) uses the information from the 1095-C form to determine if Iowa State complied with the ACA employer mandate by offering benefits-eligible employees qualifying health insurance in 2016. Qualifying health insurance is coverage that meets both the minimum essential coverage and value requirements. It's also used to report coverage information for employees who are subject to the individual mandate to have health insurance coverage. Employees are not required to file this form with their tax returns.
The 1095-C form contains three sections. The university populates all information in the form for each individual.
- Employee and employer information: Reports information about you and Iowa State
- Employee offer and coverage: Reports information about the coverage offered to you by ISU, the affordability of the coverage and the reason why you were or were not offered coverage by Iowa State
- Covered individuals: Reports information about the individuals covered under your plan, if applicable
It's in the mail
Iowa State employees should receive a paper copy of the 1095-C form at their homes by Jan. 31. Contact the university's Division of Finance at 294-6556 or taxoffice@iastate.edu with any questions about the form.
