The IRS sent letters to taxpayers this summer time who have been issued a Form 1095-A, well-being Insurance Marketplace Statement, showing that advance payments from the premium tax credit were paid around the taxpayer’s behalf in 2014. At the time, the IRS had no record that the taxpayer filed a 2014 tax return.
Right here are nine details about these letters along with the actions you should take:
United Tax Returns Tip 1:
• IRS letters 5591, 5591A, or 5596 remind you of your significance of filing your 2014 federal tax return in conjunction with Form 8962, Premium Tax Credit.
United Tax Returns Tip 2:
• You should file a tax return to reconcile any advance credit payments you received in 2014 and to sustain your eligibility for future premium assistance.
United Tax Returns Tip 3:
• If you don’t file, you might not be eligible for advance payments in the premium tax credit in 2016.
United Tax Returns Tip 4:
• Even in the event you don’t usually file or in the event you requested an extension to Oct. 15, you must file your 2014 tax return as quickly as you can.
United Tax Returns Tip 5:
• Until you file a 2014 tax return to resolve the situation along with your Marketplace, you are going to not be eligible to acquire advance payments of the premium tax credit to help spend your overall health coverage premiums in 2016 from the Marketplace.
United Tax Returns Tip 6:
• You must have received a Form 1095-A, well-being Insurance Marketplace Statement, earlier this year in the event you or maybe a household member purchased wellness insurance coverage through the Marketplace in 2014. This form offers the information you must total Form 8962. You need to attach Form 8962 towards the revenue tax return you file.
United Tax Returns Tip 7:
• Contact your Marketplace for those who have questions about your Form 1095-A.
United Tax Returns Tip 8:
• If you have recently filed your 2014 tax return with Form 8962, you usually do not require to file another tax return or contact the IRS about these letters. Generally, for those who filed your tax return electronically, it requires 3 weeks ahead of it is processed as well as your data is out there. For those who mailed your tax return, it requires about six weeks. Nevertheless, processing instances can vary primarily based on other situations.
United Tax Returns Tip 9:
• You should really stick to the guidelines on any more IRS correspondence which you receive to help the IRS verify details to method your tax return.
Additionally to these letters from the IRS, your well-being insurance firm might contact you to remind you to file your 2014 federal tax return together with Form 8962. In some circumstances, they might speak to you even if you didn’t get advance credit payments in 2014. If you are not otherwise needed to file a tax return, you don’t need to file a return should you or everyone on your return did not receive advance credit payments in 2014.
The Overall health Care Law and also you: Nine Details about Letters Sent by the IRS- United Tax Returns