Small Business Taxes & ManagementTM--Copyright 2015, A/N Group, Inc.
The Problem
The Obama administration has announced that, while the majority of the Form 1095-A, Health Insurance Marketplace Statement, mailed to taxpayers were correct some 800,000 Form 1095-As sent out contain an error. On Part III, Column B of the form the monthly premium amount of the second lowest cost Silver plan is for the wrong year (2015 instead of 2014).
What to Do
If you received an incorrect form you'll get a call and e-mail within a few days informing you to log into your Marketplace account on HealthCare.gov. Select your 2014 application, then "Tax Forms". You'll be advised if your 1095-A is being corrected. Correct forms are anticipated to be available by early March.
If your form is correct, you can file your return using the 1095-A you received.
If your form is incorrect, the easiest option is to wait for your correct 1095-A. You can also go to https://www.healthcare.gov/taxes/tools/silver to find the amount of the second lowest cost Silver plan that applied to your household in 2014 and use those numbers on your return. You can also call the Marketplace Call Center at 1-800-318-2596.
If your form is incorrect and you already filed your return, the best advice is to do nothing at this time. The IRS is reviewing the situation and is expected to provide guidance shortly.
Copyright 2015 by A/N Group, Inc. This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is distributed with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistance is required, the services of a competent professional should be sought. The information is not necessarily a complete summary of all materials on the subject. Copyright is not claimed on material from U.S. Government sources.--ISSN 1089-1536
--Last Update 02/20/15