We knew the Affordable Care Act would cause some drama. That was no surprise. But then they announced that 800,000 taxpayers would be getting corrected form 1095-A (http://blog.cms.gov/2015/02/20/what-consumers-need-to-know-about-corrected-form-1095-as/) … in March. This is … ugh. Frustrating.
“Based upon preliminary estimates, we understand that approximately 90-95% of these tax filers haven’t filed their tax return yet. We are advising them to wait until the first week of March when they receive their new form or go online for correct information before filing. For those who have filed their taxes—approximately 50,000 (< 0.05% of total tax filers) —the Treasury Department will provide additional information soon.”
If that seems like bad math, it’s because it probably is. My “field experience” tells me that most of the people filing with form 1095-A are early filers.
What it means for Moore Refunds:
My initial thought was that several of my customers who have already filed would have to file amended returns. Then we got news that the IRS will not be requiring amended returns from taxpayers who received additional refund based on incorrect information on form 1095-A. Whew. The worst-case scenario now seems to only be that it’s annoying.
More information on the Affordable Care Act can be found here: http://www.irs.gov/Affordable-Care-Act