Taxpayers who already filed 2014 returns using incorrect Forms 1095-A won’t have to pay more tax

The Treasury Department announced  that taxpayers do not have to file amended returns if they already filed their 2014 tax returns relying on forms sent by the government that contained incorrect information about their health coverage and any advance premium tax credit they received. The IRS said it will not pursue any additional taxes owed due to the mistake.However, the IRS also noted that some taxpayers may be owed a refund when the correct information is reported and that they would want to file an amended return. A tax filer is likely to benefit from amending if the 2015 monthly premium for his or her second lowest cost Silver plan (or “benchmark” plan) is less than the 2014 premium. As an example of a mistaken amount on a form for which a taxpayer Read More.