U.S. Treasury Dept. to expand relief for filers affected by Form 1095-A

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Investing.com -- The U.S. Treasury Department announced on Friday that it is expanding relief for individuals who filed their tax returns with a marketplace tax statement that previously included incorrect information.

In expanding the relief, the department said it will not require individuals who filed returns with the incorrect information to file an amended return. In addition, the IRS "will not pursue the collection of any additional taxes from these individuals based on updated information in the corrected forms," the Treasury Department said in a statement.

The announcement comes several weeks after the department disclosed that approximately 20% of individuals who purchased coverage from the Health Insurance Marketplace last year were provided with inaccurate data in Form 1095-A. The form was provided to individuals who received advanced payments of a tax credit that was intended on helping filers ameliorate the costs associated with purchasing coverage on the marketplace.

In February, the department alerted approximately 800,000 individuals or less than 1% of filers that Form 1095-A included incorrect information regarding their benchmark premiums. At the time, approximately 50,000 individuals filed their tax returns with information containing incorrect premiums.

A tax filer could still stand to gain from amending their return if their monthly premium for 2015 from their Silver (or second-tier) plan is lower than the premium they paid each month in 2014, the Treasury Department added.

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This article appears in: Investing , Forex and Currencies

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