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Customers Who Didn't File 2014 Tax Returns May Lose Their APTC in 2016

8/12/2015

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IRS is Sending Letters to Marketplace Customers

Consumers who received an advance premium tax credit (APTC) or cost-sharing reductions in 2014 must file their taxes in order to remain eligible for APTC in 2016. The IRS recently began sending the attached notice to consumers, to remind them of the requirement to file a federal tax return with Form 8962, Premium Tax Credit, to reconcile APTC.

Key Points:

·        Those who do not reconcile APTC will be automatically renewed without APTC in 2016 if they take no further action. 

·        The notice provides consumers the following information:

o   Instructions for filing a 2014 tax return with Form 8962 using information on 

     Form 1095-A provided by the Marketplace.

o   How to obtain a new Form 1095-A if needed.

o   The consequences of not reconciling APTC, including loss of eligibility for APTC or income-based cost-sharing reductions for coverage through the Marketplace in 2016.

o   A suggested timeline for electronically filing a 2014 tax return within 30 days from receipt of this IRS notice to increase the consumer’s chances of avoiding a gap in APTC.
 

·        The IRS notice to taxpayers does not clarify that a consumer may have filed taxes but did not file the correct form to reconcile ATPC.

 
Nationwide Data on Tax Filings
State-level information isn’t available at this time, but nationally:

·        57% of taxpayers have not successfully reconciled their 2014 APTC as of May 31.1

o   17% of taxpayers filed their taxes but failed to file the proper form 8962, as of May 31. 

o   40% of taxpayers with 2014 APTC have not filed a tax return, as of May 31. 

More Information
The IRS includes questions and answers related to failure to file and reconcile on its APTC Q&A webpage.

1 Letter to U.S. Congress from IRS Commissioner John Koskinen. http://www.irs.gov/pub/irs-utl/CommissionerLetterlwithcharts.pdf
: Accessed July 24, 2015.
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  • Insurance
    • Home & Auto Insurance >
      • Home & Auto Intro
      • Travelers - Customer Services
      • Hartford - Customer Services
      • Nationwide Customer Service
      • National General Customer Service
    • Health Insurance >
      • ACA 2025 Checklist
      • Blue Cross Blue Shield Customer Services
      • Aetna/CVS Customer Services
    • Medicare
    • Accident & Hospital >
      • Accident Plans
      • Critical Illness
      • Long-Term Care
      • Disability Insurance
    • Pet Insurance
    • Life Insurance
    • Travel Medical and Trip Protection
    • Dental and Vision
    • Employee Benefits
    • Business Owners >
      • Group Health Insurance
      • Commercial Property & Liability
      • Business Overhead Expense Disability
      • Disability for Business Owners
      • Critical Illness
    • Short Term Health
  • Trout Team
    • Our Story
    • Dave Trout
    • David Hanson
    • Idelle Davids
    • Linnea Conway
    • Jan Trout
    • Steve Dillingham
  • Resources
    • Employee Success
    • Fixing the ACA "Family Glitch"
    • Medicaid Expansion
    • Client Center
    • Newsletter
    • Thank You
    • Reviews
    • Blog
    • Articles >
      • Fine Homes WNC
      • Privacy Policy
      • Insurance Partners
      • No Income Cap
      • ACA Income Verification
      • BCBS Online Setup
      • APTC Income 2023 & Tax Form 1040
      • Prior Agents
      • Lost Subsidy
  • Community
    • Built to Last
    • Candlelight Stroll
    • Music on Main
    • Goombay & YMI
    • Weaverville Primary Spring Fling
    • 50+ WNC Articles
    • Understanding Medicare 2024
    • Mural on Main Street
    • Alignment's 5-Star Switch
    • YMI Winter Coat Drive
    • Employer Networking w/ Just Economics
    • Blue Ridge Pride Festival
    • Medicare Seminar
    • Art in Autumn + MANNA
    • Western Women's Business Center Conference
    • Back to School
  • Contact Us