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Home Uncategorized 800,000 Get Wrong ACA Tax Information

800,000 Get Wrong ACA Tax Information

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by Robert Sheen

About 800,000 taxpayers who obtained Affordable Care Act health insurance policies through the Healthcare.gov marketplace were sent incorrect tax information by the government, and have been urged to delay filing their returns until they receive corrected forms. That is expected to be in early March.

The error affects some consumers in the 37 states using Healthcare.gov who received tax credits to help cover the cost of their insurance premiums.

The credits were based on each consumer’s projected income for 2014 and the cost of a “benchmark plan.”

For about 800,000 taxpayers, or about a fifth of those receiving the credits, incorrect benchmark premiums were reported on the forms the government sent out. The error was made by the Department of Health and Human Services.

According to the Internal Revenue Service, about 50,000 taxpayers have already filed with the incorrect figures, and may need to file amended returns.

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