This form is used to adjust cost assistance on taxes. The wrong forms had correct subsidy amounts, but the wrong calculations.
Here is What you Need to Know if you got the Wrong 1095-A Form from the Marketplace
You can use the Second Lowest Cost Silver Plan tax tool to help you calculate amounts for a 1095, but you should follow the instructions below before filing your 8962 Premium Tax Credit form using an inaccurate 1095. Reporting the incorrect amounts on your 1095 could lead to you being off on your calculations and getting or owing more Tax Credits then appropriate.
If you end up owing more money back, because you already filed your 1040 and 8962 form using an incorrect 1095, the IRS will simply withhold (or refund) the proper amount. You cannot be punished in any other way for filing ObamaCare related taxes incorrectly.
Official Statement from CMS
Your 1095-A form should have arrived in your mailbox in February. Most consumers can also download a copy of their 1095-A through their HealthCare.gov account. We have been urging consumers to check the information on their forms – such as the number of people in your household – for accuracy. People who find errors on their form can contact the Marketplace Call Center at 1-800-318-2596 to find out how to request a corrected form.
About 20 percent of the tax filers who had Federally-facilitated Marketplace coverage in 2014 and used tax credits to lower their premium costs – about 800,000 (< 1% of total tax filers) – will soon receive an updated Form 1095-A because the original version were issued listed an incorrect benchmark plan premium amount. Based upon preliminary estimates, we understand that approximately 90-95% of these tax filers haven’t filed their tax return yet. We are advising them to wait until the first week of March when they receive their new form or go online for correct information before filing. For those who have filed their taxes — approximately 50,000 (< 0.05% of total tax filers) – the Treasury Department will provide additional information soon.
It’s important to note that this issue does not affect the majority of Marketplace consumers and only affects people who signed up through one of the 37 states using HealthCare.gov. About 80 percent of Marketplace consumers who received a 1095-A from the federal Marketplace do not have affected forms and should go ahead and file their annual tax return. Additionally, this issue does not mean that consumers received the incorrect amount of tax credit throughout the year. It’s also important to note that this does not affect the vast majority of tax filers who will just need to check a box on their tax return to indicate that they had health coverage in 2014 either through their employer, Medicare, Medicaid, veterans care, or other qualified health coverage programs. – CMS
Marketplace consumers concerned about the status of their 1095-A forms should take the following actions:
Information from CMS
- You can find out if you are affected by logging in to your account at HealthCare.gov. You will see a notice message that will let you know if your form was or was not affected. A majority of tax filers with Marketplace coverage through HealthCare.gov that received a 1095-A– about 80 percent – will find that their form was not affected by this issue and will be able to file their taxes with their current form.
- Wait to file if your form was affected. It’s best to wait to file your tax return until you receive your corrected 1095-A Form from the Marketplaces or download the corrected form by logging into your account. New forms are being sent from the Marketplace beginning in early March. When your corrected form is ready, you’ll also receive a message through your Marketplace account on HealthCare.gov.
- If you need to file now, use the Healthcare.gov tool. If you can’t wait, and want to find the correct amount of the second lowest cost Silver plan that applied to your household in 2014, you have 2 options: 1) You can use this tool to find that amount, or 2) You can call the Marketplace Call Center at 1-800-318-2596 (TTY: 1-855-889-4325) and they can help.