The IRS announced that taxpayers who filed a tax return using an incorrect Form 1095-A are not required to, but may, file an amended return. As reported on Monday, February 24, the Centers for Medicare and Medicaid Services (CMS) previously announced about 20% of taxpayers that purchased health insurance from the federal Marketplace received incorrect Form 1095-As . The forms incorrectly reported the monthly premium amount of the Second Lowest Cost Silver Plan (SLCSP) (i.e., benchmark plan) for 2015 instead of 2014. The IRS estimates approximately 50,000 taxpayers have already filed using incorrect Form 1095-As . The IRS will not pursue collection of any additional taxes from these taxpayers based on updated information in the corrected forms. However, certain taxpayers may benefit from amending if the 2015 monthly premium for his or her SLCSP is less than the 2014 premium. For example, if a taxpayer’s original form reflects a $100 benchmark premium and the updated form lists a $200 premium, it may be beneficial to amend the return.
Click here to read the press release. Contact one of our experts today if you have any questions.