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How to Correct Errors on Form 1095-A

Importance of Accurate Information​

Form 1095-A, Health Insurance Marketplace Statement, provides crucial information for calculating your premium tax credit and reconciling advance payments. Ensuring the accuracy of this form is essential to avoid potential issues with your tax return.

Why Accuracy Matters​

  • Correct Premium Tax Credit Calculation: Accurate information ensures you receive the correct amount of premium tax credit.
  • Avoiding Repayment: Incorrect information can lead to receiving too much advance payment, which you might have to repay.
  • Ensuring Compliance: Accurate reporting helps you comply with IRS regulations and avoid penalties.

Common Errors on Form 1095-A​

Certain errors are common on Form 1095-A. Here’s a list of potential issues to watch for:

Error TypeExamples
Incorrect Coverage DatesCoverage start or end dates that do not match your actual coverage period.
Incorrect Premium AmountsMonthly premium amounts that differ from what you actually paid.
Incorrect Advance Payment of PTCDiscrepancies in the reported advance payments of the premium tax credit.
Household Information ErrorsMistakes in the names, Social Security Numbers, or dates of birth of covered individuals.

How to Identify Errors​

Review Your Form 1095-A​

Carefully review all the information on Form 1095-A, including:

  • Personal Information: Ensure your name, Social Security Number, and address are correct.
  • Coverage Information: Check that the start and end dates of your coverage are accurate.
  • Premium Information: Verify the monthly premium amounts and advance payment amounts.

Compare with Your Records​

Compare the information on Form 1095-A with your own records, such as:

  • Insurance Statements: Use monthly statements from your insurance provider.
  • Marketplace Notices: Review any notices from the Health Insurance Marketplace.
  • Receipts and Bills: Check your receipts and bills for premium payments.

How to Correct Errors​

Contact the Health Insurance Marketplace​

If you find an error on Form 1095-A, contact the Health Insurance Marketplace to request a corrected form. Here’s how to do it:

  1. Gather Documentation: Collect any documents that support the correct information (e.g., insurance statements, receipts).
  2. Call the Marketplace: Contact the Marketplace Call Center at 1-800-318-2596.
  3. Explain the Error: Clearly explain the error and provide the correct information.
  4. Submit Documentation: If required, submit supporting documentation to validate your claim.
  5. Request a Corrected Form: Ask for a corrected Form 1095-A to be sent to you.

Correcting Errors on Your Tax Return​

If you have already filed your tax return and later receive a corrected Form 1095-A, you may need to file an amended return using Form 1040-X, Amended U.S. Individual Income Tax Return. Consult with a tax professional if you are unsure how to proceed.

Detailed Examples of Correcting Errors​

Example 1: Incorrect Coverage Dates​

Scenario​

  • Original Form: Shows coverage starting in March, but you were actually covered starting in January.
  • Correction: Contact the Marketplace to correct the start date to January.

Steps to Correct​

  1. Identify the Error: Review the coverage dates on Form 1095-A.
  2. Gather Evidence: Collect insurance statements showing coverage starting in January.
  3. Contact the Marketplace: Call the Marketplace and request a correction.
  4. Submit Documentation: Provide copies of the insurance statements if needed.
  5. Receive Corrected Form: Ensure you receive a corrected Form 1095-A reflecting the correct dates.

Example 2: Incorrect Premium Amounts​

Scenario​

  • Original Form: Reports $400 per month in premiums, but you paid $450 per month.
  • Correction: Contact the Marketplace to correct the premium amounts.

Steps to Correct​

  1. Identify the Error: Review the monthly premium amounts on Form 1095-A.
  2. Gather Evidence: Collect bills or receipts showing you paid $450 per month.
  3. Contact the Marketplace: Call the Marketplace and request a correction.
  4. Submit Documentation: Provide copies of the bills or receipts if needed.
  5. Receive Corrected Form: Ensure you receive a corrected Form 1095-A reflecting the correct premium amounts.

Understanding Your Stress and Seeking Support​

Correcting errors on Form 1095-A can be a daunting and stressful process. It's completely normal to feel overwhelmed when dealing with tax forms and ensuring all information is accurate. Remember that you are not alone in this journey. Many individuals face similar challenges, and there are resources and professionals available to help you navigate through the necessary steps.

Take things one step at a time, and don't hesitate to reach out for assistance if you need it. Whether it's contacting the Health Insurance Marketplace, consulting with a tax professional, or seeking support from friends and family, leaning on others can help alleviate some of the stress associated with correcting your tax forms.

Approaching the task with patience and a clear plan can make the process more manageable. By acknowledging your feelings and seeking the support you need, you can ensure that correcting your Form 1095-A becomes a less overwhelming experience.

Tips for Ensuring Accurate Information​

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Regularly Review Statements: Check your insurance statements regularly to ensure they match the information on Form 1095-A.

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Keep Detailed Records: Maintain detailed records of your premium payments and any correspondence with the Health Insurance Marketplace.

Additional Resources​

Conclusion​

Ensuring the accuracy of Form 1095-A is essential for calculating your premium tax credit correctly and avoiding repayment. By carefully reviewing your form, comparing it with your records, and promptly correcting any errors, you can ensure compliance with IRS requirements and maximize your benefits.

Stay informed, keep accurate records, and seek professional assistance if needed to navigate the complexities of Form 1095-A and the Premium Tax Credit. Accurate reporting helps avoid potential issues and ensures you receive the correct financial assistance for your health insurance coverage.

If you have any questions or need further assistance, do not hesitate to seek help from a tax professional. Accurate completion of these forms is crucial for proper tax reporting and compliance with IRS regulations.