If you bought health insurance last year through the federal insurance marketplace, you’ll receive Form 1095-A for your taxes. This form documents the cost of your insurance, the tax credit you received, and how much of that tax credit you took each month to reduce your monthly payment.
Before you do your taxes, check your 1095-A form carefully. The Centers for Medicare and Medicaid Services (CMS) announced today that approximately 800,000 of the forms sent in January are incorrect and need to be reissued.
“One piece of information included in your 1095-A is the premium amount for the second lowest cost Silver plan in your area. This premium amount represents the benchmark plan we use to determine the amount of premium tax credit you were eligible to receive,” according to a CMS blog post.
About 800,000 taxpayers will soon receive an updated Form 1095-A “because the original version they were issued listed an incorrect benchmark plan premium amount.”
Those with incorrect forms should receive new ones the first week of March. CMS is advising these people to wait until then to file their taxes.
If your form is incorrect and you can’t wait to do your taxes, the CMS has created a tool to check and see if the benchmark figure is correct.
If you find other errors on your form, you’ll need to call the Marketplace Call Center at 800-318-2596 to request a corrected one.Judith Ackland has more than 26 years of experience in accountancy and financial planning, including seventeen years as a CFO of a diverse business. She started Crystal Financial in 2010 to help a wide array of individuals, families, and business owners better understand their finances and how good financial management could help them achieve their goals. Judith has an MA in Professional Accountancy from the University of Nebraska at Lincoln as well as a Certified Public Accountant Certificate and a Certified Financial Planner designation.