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Do You Have The Right Form 1095-A For Your Taxes?

What To Do If You Received The Wrong Form 1095-A!

Tax season is here, and this is the first year in which your health insurance coverage may affect your taxes. If you had health insurance through the Marketplace for 2014, you should have already received a Form 1095-A, which will include all the information that you need to fill out your 2014 federal income tax return.

While most people have received the right Form 1095-A to file their taxes, some people did not. Thousands of people received a form that included the monthly premium amount for the second lowest cost Silver plan for 2015 instead of the premiums for 2014. The incorrect number is listed in Part III, Column B on the form. It is important to keep in mind that this mistake does not mean that your credit was wrong, but only means that there was an error on the number that was printed.

If you had received the wrong form to file your taxes, you should have already received an email and call alerting you to the issue. You will also get a message in your account from the Marketplace. Once you are logged on, select the 2014 application section, and then select “Tax forms.” If you had received the wrong form, you will have a message alerting you to the issue. You will also get a message alerting you when your corrected form is ready. All correct forms will be available in March.

If you were notified that you had received the wrong form, make sure to wait to file your taxes until you get the correct papers. 

When you are looking for the right health insurance plan to ensure that you do not have to pay a fine on your 2015 income tax return, contact the insurance professionals at Michelle Lim Insurance Services Insurance in Alhambra, California.

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