Under the Affordable Care Act, consumers who received subsidies must reconcile their tax credits using the 1095-A form provided by state and federal health insurance exchanges. However, the Internal Revenue Service in late-February announced that as many as 800,000 taxpayers had been sent incorrect 1095-A forms. Although students whose returns are held up due to the mix-up can fill out the FAFSA using estimations of data on their returns for this year, their applications will have to be amended in the future, adding an extra dimension to packaging aid awards for the upcoming year. Centers for Medicare and Medicaid Services had previously said corrected forms would be mailed out to affected taxpayers by the first week in March, but Roll Call is now reporting that "Federal officials are behind schedule in sending out corrected health insurance tax subsidy information that people... need to file their taxes."
Check out the Roll Call article for additional information about the delay.
Publication Date: 3/17/2015