If you are an Obamacare enrollee, you will not be able to file your taxes next year until you receive a new Obamacare form, the 1095A. That means if the government is not on time getting the forms out, taxpayers who need the form could face a delay receiving anticipated refunds.
The proposed deadline to send out the forms is January 31, 2015, which also coincides with the date that employers must issue W-2 to their employees.
Form 1095A is necessary: filers need the forms to calculate whether they received the correct subsidy from the government, or if they owe money to cover a difference”. The IRS has a working draft on the form, but doesn’t yet include the instructions on how to calculate the proper subsidy amount — and that’s the key.
Because of the extensive problems during the Obamacare rollout and initial signup period, some folks may find that the did not receive the proper subsidy. Additionally, changes to income during the year might also affect the outcome. The Form 1095A is designed to match up the income for 2014 with the subsidy amount received. Some might find they will didn’t get enough of a subsidy and will receive money back, while others could have the opposite problem: their subsidy was too high, and they now owe money back.
So Obamacare users — be on the lookout for the 1095A early next year. Even if you have all your documentation to file your taxes, you still may not file until you receive that form. Hopefully the government will not be as late on issuing it as it was with other Obamacare related items.
When Americans talk about healthcare, they talk about taxes. Europeans talk about a better life. Shou should consider to have a look over the atlantic, to see what healthcare can do for you.
Feb 15 and I still have not received a 1095A from California Marketplace. I sent in a dispute form to notify them since that don’t have the knowledge to know this. WHen I call in, they tell me “my information is out there somewhere.” They cannot send me a 1095A as they cannot locate all my information to reconcile because they (CC) did many changes to my application since my husband passed away last July. They it deleted everything. So now what? I’m unable to file my taxes because CC made an error? Now do I get penalized by the IRS? Will I ever get a form or direction on what to do. WHy are they keeping us in the dark?
Can you log into your Marketplace account at all? If so, they are supposed to provide a copy there. The 1095a merely lists the subsidy amount that each member received each month for the year, kind of like a year end summary. Using that information, you still have to fill out and calculate the 8962 worksheet to make sure you received the proper subsidy. The information contained on your 1095 may have to be reconstructed by you, or with the help of a CPA, to the best of your ability. The 8962 is what you actually file with your taxes.
Like I said, there is not a 1095 A produced for me or my deceased husband. There is not one in the “secure mailbox” on line and I have called them. All they can say is “you are right you didnt get one and there is nothing we can do.” Are you saying I can use my monthly receipts from BLue Shield to calculate the APTC, that I DO NOT need the 1095A? Are you saying the 1095A form is not submitted by me to the federal government? My tax preparer has everything except the 1095A, she is the one who told me I would need that and we would reconcile it with my records?
Here’s what the 1095a is: https://taxpolitix.com/what-information-is-on-the-obamacare-tax-form-1095a/.
Long and short of it, the 1095a is your PROOF OF INSURANCE. It contains all the information you need to fill out your form 8962, which is the Premium Tax Credit form. The 8962 Form is a worksheet, whose calculation gets recorded on your 2014 Tax Return. The main point of all of these forms is really the Premium Tax Credit portion.
Also, you will not receive a Form 1095a if you have health coverage through a job or through programs such as Medicaid, Medicare, or the Children’s Health Insurance Program (CHIP). Is that may be the reason you do not have a 1095a? (Not sure what your insurance is).
Document your correspondence with the Marketplace (dates, times, persons, etc). If you truly do not have a 1095a and you are supposed to, work with your CPA to reconstruct your information, so you can properly fill out your PTC worksheet (Form 8962) to the best of your ability and tabulate that.
The 1095a is not submitted. It is used to do the worksheet 8962, The Premium Tax Credit Form (8962). That form requires you to refer to your adjusted gross income on your tax return, as well as looking up the appropriate federal poverty line figure for your state. You’ll also compare the information that would be on Form 1095a with other tax information from elsewhere on your return in order to calculate if you got the proper subsidy.
Here’s info from the IRS on how to do so: https://s3.amazonaws.com/s3.documentcloud.org/documents/1392230/ocare-tax.pdf