Did You Receive Form 1095-A During 2014?

Larry Villano, Publisher of Loopholelewy.com

For the first time, people who must reconcile advance payments of the Premium Tax Credit will need information from the new Form 1095-A, Health Insurance Marketplace Statement. You will receive Form 1095-A if you or a family member enrolled in health insurance coverage through the Health Insurance Marketplace.

The Purpose of Form 1095-A:
You use the information on Form 1095-A to complete Form 8962, Premium Tax Credit (PTC). Use Form 8962 to figure the amount of your premium tax credit (PTC) and reconcile it with any advance payments of the premium tax credit (APTC). You must complete Form 8962 and file it with your return if you want to claim the premium tax credit or if you received premium assistance through advance credit payments.

TurboTax has the Affordable Care Act covered

John Koskinen, IRS Commissioner, has a special message for recipients of those advance payments: "Please make sure you get your 1095-A before filing. This will allow you to file an accurate return, which is important. Having to file an amended return could lead to extensive processing delays, including delays of refunds, given our budget cuts.”

Regarding the IRS' preparedness for handling the Affordable Care Act, Koskinen said, “Most people will only have to check a box on their Form 1040 return to indicate they had health coverage. But some filers will be claiming exemptions from coverage, and many others will need to reconcile advance payments of the premium tax credit."

Taxpayers with questions can go to our website, IRS.gov", said Koskinen, "where we have a special page devoted to the ACA. On that page, you’ll find answers to many questions about the tax provisions, as well as links that will take you to online ACA resources of other federal agencies. In particular, if you believe you’re eligible for an exemption, the page explains in detail what it takes to qualify.”

Koskinen is encouraging taxpayers to use the IRS’s Web site to answer their ACA questions as there are expected to be long delays in getting through on the IRS phone lines because of budget cuts at the agency.