Fixing Tax Return Mistakes Related to ACA Health Insurance
Making a mistake on your tax return can be stressful, especially when it comes to your ACA health insurance premiums. This post highlights a common issue that taxpayers face when they need to amend their return. In this blog, we’ll provide guidance on how to handle such situations, ensuring that you receive the necessary tax benefits and avoid penalties.
What to Do if You Forgot to Include Form 1095-A
Form 1095-A is used to report your health insurance premiums for the Affordable Care Act (ACA). If you forget to include it with your tax return, you may be eligible for a tax credit or premium tax credit (PTC). Here’s what you need to do:
– Gather Your Documents: Make sure you have your Form 1095-A and any other relevant tax documents.
– Mail the Form: You can mail the original Form 1095-A to the IRS using the address provided on the form. However, due to the COVID-19 pandemic, the IRS is currently not processing paper filings.
– Call the IRS: Contact the IRS by phone at 1-800-829-1040 to inquire about alternative options. They may advise you to wait until paper processing resumes or provide instructions for submitting the form electronically.
What to Do if You Made a Mistake on Your Return
If you’ve already filed your tax return and discovered an error related to your ACA health insurance, you have a few options:
– File an Amended Return: You can file Form 1040-X, Amended U.S. Individual Income Tax Return, to correct the mistake. However, as mentioned in the post, you will need to mail this form to the IRS.
– Wait for the IRS to Process: If you’ve already mailed the amended return or Form 1095-A, wait for the IRS to process your documents. They will make the necessary adjustments to your return and issue any applicable refunds or credits.
Seeking Assistance
If you’re having trouble resolving your tax return issue, don’t hesitate to seek professional help. You can contact a licensed agent or tax preparer who specializes in ACA health insurance. They can provide guidance on your specific situation and assist you with amending your return or submitting the necessary documents.
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