February 20, 2015 by Tony Novak
It’s been widely reported today that about 20% of those who purchased individual health insurance through Healthcare.gov received errant tax reports about the cost of their coverage, called Form 1095-A. The details, however, were not widely reported. Here is the rest of the story from the Centers for Medicare and Medicaid Services:
Incorrect Form 1095-A
Some individuals who were covered by a Marketplace plan for 2014 may have received an incorrect Form 1095-A from CMS. The incorrect Forms 1095-A listed an incorrect second lowest cost Silver Plan (SLCSP) or benchmark plan which could cause incorrect calculations of the Premium Tax Credit on Form 8962. Corrected Forms 1095-A will be sent out in early March 2015.
Individuals can find out if their Form 1095-A is affected by visiting their account at HealthCare.gov. Taxpayers with an incorrect Form 1095-A should wait to receive the corrected form before filing their 2014 tax return, or use the tool on the website to determine the SLCSP. For those who have already filed their taxes using the incorrect Form 1095-A, the Treasury Department will provide additional information soon.
To access the tool to determine the SLCSP, click here.
Click here to read the CMS blog post concerning incorrect Forms 1095-A.