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Taxpayers Received Wrong Tax Info from Marketplace

Did you receive your health insurance through the marketplace (HealthCare.gov) in 2014?  Did you receive advance payments to lower your monthly premium? If so you may be one of the 800K that received the wrong information on your 1095-A and CMS is asking you to wait to file your tax return until you receive a corrected 1095-A in early March.

Here are a few things you should know:

Marketplace consumers concerned about the status of their 1095-A forms should take the following actions:

  1. 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.
  2. 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.  New forms are being sent from the Marketplace beginning in early March. When your corrected form is ready, we’ll also send a message to your Marketplace account on HealthCare.gov.
  3. If you need to file now, use our 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.

Consumers with questions or who want to learn more are encouraged to visit www.healthcare.gov/taxes

 

To read the full article go to:

http://blog.cms.gov/2015/02/20/what-consumers-need-to-know-about-corrected-form-1095-as/

Vickie Davidson

Vickie has been a KIG account manager for more than 15 years and is our resident Medicare expert. She lives in Myrtle Beach, SC, with her husband, and is our only remote team-member. Vickie loves getting to spend time with her grand kids and despite her location, is still a huge Pittsburgh sports fan.

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