No Need to Amend for Incorrect 1095-A

Post Date: 3/4/15
Last Updated: 3/5/15


Cross References

Last week, the Centers for Medicare & Medicaid Services (CMS) announced that about 20% of the tax filers who purchased health insurance from the federal Marketplace received statements (Form 1095-A) that include an incorrect piece of information. The U.S. Treasury estimates that approximately 50,000 tax filers already have filed their taxes using these incorrect forms. The Treasury Department has concluded that these individuals do not need to file amended returns. The IRS will not pursue the collection of any additional taxes from these individuals based on updated information in the corrected forms. Nonetheless, some individuals may choose to file amended returns. A tax filer is likely to benefit from amending, if the 2015 monthly premium for his or her second lowest cost Silver plan (or "benchmark" plan) is less than the 2014 premium. For example, if a filer's original form lists a benchmark premium of $100 and his or her updated form lists a premium of $200, it may be in his or her interest to refile. As CMS announced last week, affected individuals who have not yet filed their taxes should wait to file until they receive their corrected forms.
Return to Tax Industry News
© Tax Materials, Inc. 2021