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2015 Form 8941, Credit for Small Employer Premiums, Now Available

Dec 18, 2015

HR360, Inc.
December 16, 2015

Form Used by Eligible Employers to Claim Small Business Health Care Tax Credit

The IRS has released an updated Form 8941, Credit for Small Employer Health Insurance Premiums, and related instructions for tax year 2015. Eligible small employers use this form to figure the credit for small employer health insurance premiums.

The small business health care tax credit is designed to encourage small businesses and tax-exempt employers to offer health insurance coverage to their employees. Among other requirements, an employer may be eligible for the credit for tax year 2015 if:

  • It had fewer than 25 full-time equivalent employees (FTEs) for the tax year;
  • It paid at least 50% of the premium cost for single health care coverage for each employee; and
  • It paid premiums on behalf of employees enrolled in a qualified health plan offered through a Small Business Health Options Program (SHOP) Marketplace (or qualifies for an exception to this requirement).

For the latest information about developments related to Form 8941 and its instructions, click here.

Our section on the Small Business Health Care Tax Credit provides additional details regarding the credit.

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