Reply To: Accounting

The Treasury Department announced on Tuesday that taxpayers do not have to file amended returns if they already filed their 2014 tax returns relying on forms sent by the IRS that contained incorrect information about their health coverage and any advance premium tax credit they received. The IRS said it will not pursue any additional taxes owed due to the mistake.

Last Friday, the IRS announced that about 800,000 taxpayers (20% of the people receiving the form) had received incorrect Forms 1095-A, Health Insurance Marketplace Statement, for 2014.

This week, the IRS said that those taxpayers who have already filed their 2014 tax returns using the incorrect forms (which is estimated to be about 50,000 returns) do not have to file amended returns because the IRS has decided not to pursue any additional taxes owed due to the mistake. However, the IRS also noted that some taxpayers may be owed a refund when the correct information is reported and that they would want to file an amended return.

Taxpayers who have not filed yet should wait to receive their corrected forms before filing. According to the Centers for Medicaid & Medicare Services website, taxpayers can log on to their account at HealthCare.gov to find out whether the Form 1095-A they received is incorrect.