You May Have Received Incorrect Information on Your 1095A Form

By Peoples Tax | March 5, 2015
Posted in: IRS

Tax formIf you purchased health insurance from the federal marketplace, you may have received incorrect information that could affect your tax return. Here’s what you need to know.

Statement from a Treasury Spokesperson on CMS Announcement Last Week about 1095-A Forms:

Last week, CMS announced that about 20 percent of the tax filers who purchased health insurance from the federal Marketplace received statements (or form 1095As) that include an incorrect piece of information. Treasury estimates that approximately 50,000 tax filers (or less than 0.05% of total tax filers) already have filed their taxes using these incorrect form 1095As.  We have concluded that these individuals do not need to file amended returns.  The IRS will not pursue the collection of any additional taxes from these individuals based on updated information in the corrected forms.  Nonetheless, some individuals may choose to file amended returns.  A tax filer is likely to benefit from amending if the 2015 monthly premium for his or her second lowest cost Silver plan (or “benchmark” plan) is less than the 2014 premium.  For example, if a filer’s original form lists a benchmark premium of $100 and her updated form lists a premium of $200, it may be in her interest to refile.  Individuals may want to consult with their tax preparers to determine if they would benefit from filing amended returns.  As CMS announced last week, affected individuals who have not yet filed their taxes should wait to file until they receive their corrected forms.

If you have any questions or feel you need to amend your return, give us a call! 

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