IRS Form 1040X Amended Return
So you filed your federal income tax, and just when you thought it was safe to spend your refund, did Uncle Sam come calling again?
Might be time to file an amended return.
That’s what as many as 50,000 taxpayers who receive subsidies for health insurance premiums may face this year because they received bad information from the government.
But they won’t be alone if they amend their returns. About 5 million taxpayers filed amended returns last year, according to the IRS.
We have tips to help you no matter the reason you want to amend your return.
By Feb. 20, the IRS says, nearly 50 million taxpayers had filed their 2014 returns, and almost 40 million of them were getting refunds averaging $3,218 each, or a total so far of nearly $125 billion. Although the filing deadline is April 15, many people file early to get their hands on their refund checks as soon as possible.
Last week, about 800,000 HealthCare.gov customers were notified that a government goof gave them the wrong information on a new tax form called 1095-A. The form is much like a W-2 for people who got subsidized private coverage in 2014 under the Affordable Care Act, commonly called Obamacare.
The Healthcare.gov blog asked customers who received bad information to wait to file their 2014 federal income taxes until they receive corrected forms in early March.