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Whoops They Did It Again...

Date: February 14, 2015

Author: Trish Wright

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Clients started coming in with their 1095-A forms that report their payments and subsidies for the Affordable Care Act these past few weeks.  Since we did both our clients tax returns and their health applications, I was just beginning to pat myself on the back for getting within $10 of forecasting their 2014 subsidies correctly when the Covered California Exchange announced it will amend those very same forms.  Apparently their database did not match what the health plans had on file.  Imagine that.  Since the Exchange already mailed out 800,000 forms, many Californian tax payers are anxiously waiting to see what awaits them next and whether they will have to give back any of their long awaited refunds.  The Exchange will be mailing revisions as well as notifying them by email when the newly revised forms are available in their on line accounts.

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