The approximately 50,000 Americans who have filed tax returns using incorrect government-supplied data for their Affordable Care Act premium tax credit do not have to file amended returns, the Treasury Department announced.
The IRS will not demand additional money from taxpayers who underpaid their 2014 income taxes because of wrong information they received on Form 1095-A, officials said.
Those who overpaid their taxes because of the incorrect forms sent by the federal health care exchanges can file an amended return to get a refund.
About 800,000 taxpayers received 1095-A forms with erroneous calculations their health insurance tax credit. Corrected forms will be mailed out early in March, the Department Health and Human Services said. The IRS estimates that 50,000 taxpayers had filed returns before the mistake was spotted.
Calculation of the tax credit, or premium subsidy, is based on the monthly for the second-lowest cost “silver” health insurance plan applicable to the individual. About 20% of all those who purchased health insurance from the federal marketplace received forms that mistakenly used 2015 premiums, rather than those for 2014.