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Home IRS IRS Provides Guidance on Using Corrected Form 1095-A

IRS Provides Guidance on Using Corrected Form 1095-A

2 minute read
by Robert Sheen
IRS Provides Guidance on Using Corrected Form 1095-A

If you haven’t filed your taxes yet, then you may have avoided having to file an amended return if you received a corrected 2017 Form 1095-A for the Healthcare Marketplace.

In new guidance, the IRS said that some taxpayers may receive a corrected form 1095-A if the previous form contained errors. Taxpayers use the information on Form 1095-A to claim the premium tax credit, to reconcile advance payments of the premium tax credit, or both, when filing 2017 tax returns.

The fix for taxpayers who have yet to file their tax returns is easy. Use the corrected Form 1095-A when completing your tax return.The IRS advises that taxpayers who have already filed tax returns will want to compare the corrected Form 1095-A to the original form to determine the nature of the changes. Changes that taxpayers might see include:

    • The number of individuals covered, or their ages, in Part II of the form.
    • Monthly insurance plan premiums in Part III of the form.
    • Amount of the individual(s)’ second lowest cost silver plan (SLCSP) premium listed in Part III of the form.
    • Monthly advance payments of the premium tax credit in Part III of the form.
    • Months for which the individual(s) had coverage in Part III of the form.

If any of these changes appear on the corrected Form 1095-A, taxpayers may need to file an amended tax return, Form 1040X. Taxpayers may want to consult with a CPA or tax preparer to determine if it’s necessary to file an amended return.

Taxpayers who believe their corrected Form 1095-A is incorrect should contact their healthcare exchange to receive an accurate Form 1095-A. For a list of state and federal contacts, click here.

If taxpayers receive a Form 1095-A with the “VOID” box checked at the top or a letter from the Marketplace indicating that they should disregard Form 1095-A, it generally means the taxpayer previously received a Form 1095-A that was issued in error. This may happen if the taxpayer did not complete enrollment in Marketplace coverage. The IRS indicates that the voided Form 1095-A – as well as the previously received Form 1095-A – should not be used to when filing a tax return.

For more information on this IRS guidance, click here.

To access the ACA Resource Center, click here.

We’re committed to helping companies reduce risk, avoid penalties, and achieve 100% ACA compliance. For questions about the ACA contact us here.

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IRS Provides Guidance on Using Corrected Form 1095-A
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IRS Provides Guidance on Using Corrected Form 1095-A
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The IRS is providing guidance on what taxpayers should do if they receive a corrected Form 1095-A, which is used to claim premium tax credits for health insurance plans from the Healthcare Marketplace.
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The ACA Times
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