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Glitch in health care form causes woe for taxpayers

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in Small Business Tax

Four weeks into tax filing season, the White House announced that about 800,000 customers were sent forms with inaccurate tax information. Therefore, almost 1 million taxpayers may have to wait longer to receive refunds this year.

The glitch could also affect the size of those refunds. Even worse, an estimated 50,000 taxpayers who filed their returns before the error was discovered must re-submit their returns. The errors occurred on Form 1095-A, a new health insurance form. 1095-As are intended to account for the subsidies used to help pay insurance premiums, but the premium benchmark may be wrong. At the same time, the government granted a sign-up extension for uninsured individuals facing tax penalties under the Obamacare health insurance individual mandate this year.

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