Marketplace Form 1095-A may be reissued due to incorrect information
March 3, 2015
Updated from previous alert on February 10, 2015: IRS Form 1095-A Marketplace coverage reporting
The Centers for Medicare & Medicaid Services announced on February 20 that it will reissue Form 1095-A to about 20 percent or 800,000 individuals with Marketplace accounts. The updated version is being sent because incorrect benchmark silver plans were listed on some forms issued earlier this month.
Affected individuals will be notified through their Marketplace account and via a phone call. Members can also go to their online account to get the updated form. In addition, they will receive an updated form in the mail by early March. For individuals who don’t want to wait for the form to file their taxes, CMS offers an online Tax Tool to help calculate their tax credit.
Does this impact calculations for tax credits earned?
CMS indicates the error does not mean that consumers received the incorrect amount of tax credit throughout the year.
How will this affect individuals who already filed using the incorrect form?
For individuals who have already filed taxes for 2014, the Treasury Department will provide additional information soon.
For details, go to Is Your Form 1095-A Correct, located on the Marketplace website.
The information in this document is based on preliminary review of the national health care reform legislation and is not intended to impart legal advice. The federal government continues to issue guidance on how the provisions of national health reform should be interpreted and applied. The impact of these reforms on individual situations may vary. This overview is intended as an educational tool only and does not replace a more rigorous review of the law’s applicability to individual circumstances and attendant legal counsel and should not be relied upon as legal or compliance advice. As required by US Treasury Regulations, we also inform you that any tax information contained in this communication is not intended to be used and cannot be used by any taxpayer to avoid penalties under the Internal Revenue Code.