The Patient-Centered Outcomes Research Institute (PCORI) is an independent, non-profit organization dedicated to assisting patients and caregivers in making more informed health decisions through research.
Before understanding what is required for PCORI filing, it's important to know some basic information.
· The PCORI Fee is due July 31,2024 for plan and policy years that end on or after Oct 1,2023 and before Oct 1, 2024.
· The PCORI Fee is $3.22 per covered life.
· Generally, PCORI filings are done using Form 720. Although Form 720 is filed quarterly, the PCORI fee is filed once a year.
Form 720 PCORI Preparation - Details Required:
There are 2 methods for filing PCORI
1. Manual
2. Electronic
Both require the same information; however, there may be some slight variations related to payment details.
Manual Filing Requirements:
· EIN Number (Employer Identification Number)
· Name and Address.
· Tax period and quarter
· Plan/Policy you are enrolled with
· Your Cheque leaf for payment
· A Tax Calculator to calculate your Tax amount
How is PCORI Tax Amount Calculated:
The tax amount for PCORI is calculated by multiplying the average number of lives covered during the policy year or plan year by the applicable dollar amount for that year.
Example: If the number of live covered is 2, then the PCORI Fee can be calculated with the formula 2 x $3.22.
Read our blog on how to calculate PCORI Fee for a deeper understanding.
Electronic Filing Requirements:
· EIN Number (Employer Identification Number)
· Name and Address.
· Tax period and quarter
· Plan/Policy you are enrolled with
· Your payment method details (Ex: If debit card option then your debit card details)Read our blog IRS PCORI Payment Methods.
In PCORI Online filing, once you enter the number of lives covered, the amount is automatically calculated and displayed on our Simple720 dashboard.
WRAP:
After reading the blog, you can gather all the details required for PCORI filing. Choosing the online filing method will save you time, and using our IRS-approved PCORI Submission Portal, Simple720.com, is always the best choice!
Pay PCORI Fee with Simple 720