After the repeal of the federal individual mandate which required that all individuals have minimum essential coverage, New Jersey enacted a mandate of their own.  The New Jersey Health Insurance Market Preservation Act imposes a penalty on New Jersey taxpayers who do not have minimum essential coverage during each month.  To administer the penalty, New Jersey is looking to providers of minimum essential coverage to New Jersey residents to send returns to the state for the 2019 tax year.  If reporting is required, the same Forms 1095-B and 1095-C that are transmitted to the IRS may be sent to New Jersey.  However, only forms for New Jersey residents should be submitted to the state in order to avoid privacy and HIPAA issues.  Returns must be filed with New Jersey no later than March 31, 2020.

Funds with New Jersey residents should seek advice from their accountant concerning these reporting obligations.