Remember in February it was reported that 800,000 people received an incorrect Form 1095-A regarding subsidies to help pay health insurance premiums? Yesterday CMS (The Centers for Medicare & Medicaid Services) provided an update on the situation. The “vast majority” who needed an updated form now have access to a corrected form.
Additionally, the IRS just offered additional relief to taxpayers by saying those who have filed or will file a tax return based on the incorrect Form 1095-A will not need to file an amended return. The newly-announced relief is more expansive than the relief announced in February in that the new relief includes customers of state-run insurance marketplaces. You don’t have to file an amended return nor will the IRS make the adjustment and pursue you for collection.
You may still want to file an amended tax return if you would receive a larger refund.
Click here to see the Statement from the Treasury announcing the additional relief to taxpayers http://www.treasury.gov/press-center/press-releases/Pages/jl10005.aspx
Click here to read Frequently Asked Questions for consumers about relief related to incorrect forms 1095-A (This PDF link may only work in Internet Explorer) http://www.treasury.gov/press-center/press-releases/Documents/FAQs%20CMS%20032015%20(2).pdf
Click here to read the CMS blog post http://blog.cms.gov/