STUMP » Articles » Obamacare Tax Watch: You Gotta Wait For Your Wrong Info From the Govt » 24 March 2015, 05:33

Where Stu & MP spout off about everything.

Obamacare Tax Watch: You Gotta Wait For Your Wrong Info From the Govt  

by

24 March 2015, 05:33

I missed the weekly Friday bad news drop re:Obamacare taxes:

The Internal Revenue Service (IRS) would rather see public exchange plan users send it inaccurate Form 1095-As than no 1095-As.

Officials made that view plain Friday in a statement and a question-and-answer set about 1095-A problems.

…..
Taxpayers who think filing amended returns will help them get money back from the IRS are welcome to do so, officials say.

Taxpayers who are still waiting for 1095-As should wait to get their 1095-As before filing their taxes, officials say. “To the extent that cases arise in which individuals are unable to file their taxes by April 15 because they have not received a Form 1095-A, we will consider options for possible relief and will provide additional information closer to the deadline,” officials say.

So let’s check this.

The 1095-A statement is what you get from the Obamacare exchange if you bought through it. Even if you got no subsidy.

So even if you didn’t ask for any subsidy, or get any subsidy, you have to wait for that 1095-A. Which, evidently, may not be ready for April 15.

I am not quite sure about that last bit, btw, but that’s what I’ve heard before.

What the IRS says about filers without 1095-As, who should have gotten them:

Exchange plan users who have already filed 2014 taxes without 1095-As must file amended returns once they have 1095-As, officials say. “We do not expect this situation to be common,” officials add.

Can you not make an estimate, hmmm? You know how many people supposedly got exchange coverage. You know how many people have filed. It’s a simple database query, eh?

(snort)

In case you want to check the official press release from Friday, here it is.

Let’s go to the accompanying FAQ for info on those who can’t file by April 15:

Question: What if I can’t file my taxes by April 15 because my 1095-A was incorrect or late?

Answer: We continue to urge individuals who have been notified of errors on their Forms 1095-A and have not yet filed their tax returns to wait to file until they receive corrected forms. Our colleagues at the Federally-facilitated Marketplace and the State-based Marketplaces are working hard to ensure that 1095-As are sent out as quickly as possible. To the extent that cases arise in which individuals are unable to file their taxes by April 15 because they have not received a Form 1095-A, we will consider options for possible relief and will provide additional information closer to the deadline.

You know this is going to happen IRS, so you might as well make a statement now, rather than waiting til April 10 (Friday before April 15) to make your announcement.

If they are so foolish as to let this go til April 10, I can imagine just how bad the news stories are going to be.

Remember that the subsidy clawbacks are hitting people harder than the non-coverage tax/penalty/fee/whatever. You really want the sword of thousands of dollars hanging over people? You really want to extend the pain til October 15? (when extensions get filed.)

Yeah, I’m thinking the angry stories about Obamacare and taxes are going to continue well past April 15.

Thanks, Obama!


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