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Form 1094-C online Kentucky: What You Should Know
Tips and best practices for Form 1094-C/1095-C reporting, including an ALE calculator, relevant codes, and new IRS requirements and mailing information. Jan 5, 2025 — To avoid paying on a failure to remit payment to the IRS, Kentucky Employer Health Plan (KEEP) employees who have not provided information electronically by December 31, 2015, will be required to file an amended Form 1095-C. This is expected to have a minimal impact to 2025 plans. For those that are eligible to participate in KEEP's optional health insurance plan coverage program (other than Kentucky employees who do not have an option to participate in KEEP's optional health insurance), the filing of Forms 1095-C will be optional and will be provided. The new IRS reporting requirements for Forms 1094-C and 1095-C will take effect on January 1, 2016, if the employer and employee submit Forms 1094-C and 1095-C, respectively, and pay the required taxes by December 31, 2015. Employers who failed to fully report all required payments when required, even when the IRS has been paid or is due the taxes, will be subject to a penalty of 35% of payment received, up to a maximum of 100,000 per employer/employee, each year to the extent the tax was not reported. The Kentucky Exchange is required to report payments received by individuals and employers using the new federal and state exchange electronic reporting systems. Kentucky is not required to report the payments directly to the IRS, but instead must file electronic Forms 1094-C and 1095-C with the Kentucky Exchange. As in most states, there is no obligation for employers to file such applications if they have no plan, and so Form 1095-C is not required by Kentucky for any such plans. Kentucky must, however, report the payments to and payments to individuals using the Form 1094-C, and 1095-C, and must use the information in Kentucky's electronic filing system to satisfy federal reporting. Kentucky will also have to use the Form 1094-C and 1095-C for employers that offer self-funded health insurance. Kentucky Employer Health Plans The Kentucky Exchange must provide employers with information on the form about all health insurance plans that it insures, including information about the plans' plans and options, health benefits, rates, and benefits.
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