Deductions & credits

Well, this is mostly just for your information.  If your employer provides Employer-Sponsored Affordable Health Coverage, then you are not eligible for the Premium Tax Credit.  So, if you have been covered by your employer, this will make the 1095-C, not at all important when calculating anything on your return as you would not be subject to penalty and not eligible for the Premium Tax Credit.  You will, however, want to keep it for your records as proof of coverage. 

Part 2 will really only matter when the employer is NOT providing affordable coverage.  This again will be for your information and will be useful if you are contacting the marketplace.  You will also be able to use these numbers to calculate whether or not it is affordable when it comes to waiving the penalty ( is what they are offering more than 8.13% of your income for each month).  If it is, then you would be exempt from the penalty.

So, the importance only comes from determining whether or not you were able to get affordable insurance through your job. 

You are eligible for the premium tax credit if you meet all of the following requirements:

• Have household income that falls within a certain range (see question 7).
• Do not file a Married Filing Separately tax return ((unless you qualify for a special rule that allows certain victims of domestic abuse and spousal abandonment to claim the premium tax credit using the Married Filing Separately filing status (see questions 9 and 10));
• Cannot be claimed as a dependent by another person; and
• In the same month, you, or a family member:
• Enroll in coverage (excluding “catastrophic” coverage) through a Marketplace
• Are not able to get affordable coverage through an eligible employer-sponsored plan that provides minimum value (see questions 11 and 12)
• Are not eligible for coverage through a government program, like Medicaid, Medicare, CHIP or TRICARE
• Pay the share of premiums not covered by advance credit payments"

https://www.irs.gov/affordable-care-act/individuals-and-families/questions-and-answers-on-the-premiu...