CMS: 20% of 1095-A forms are Incorrect

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The Centers for Medicare & Medicaid Services, CMS, has reported that as many as 800,000 taxpayers may have gotten incorrect information on their 1095A tax forms. CMS is notifying affected individuals by phone and email and will send corrected forms by early March. It’s estimated that about 50,000 of them have already filed their taxes based on the wrong subsidy amount. It appears that the error is in the incorrect reporting of the cost of the silver benchmark plan and doesn’t necessary mean that the individual received the wrong subsidy amount. But reporting an incorrect benchmark cost means that the form shows some people getting more and others getting less subsidy than they actually received.

People who received an incorrect form and have already filed their taxes will need to file an amended return. CMS is advising the rest of the affected taxpayers to hold off on filing until they get updated information.