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The Department of Health and Human Services (HHS) last week admitted that it had sent out some 800,000 erroneous Obamacare tax statements that either over-stated or under-stated the individuals' tax credits for the health insurance they purchased on HealthCare.gov in 2014.
In response, the Internal Revenue Service (IRS) has announced that the 50,000 people who already filed their taxes using these erroneous forms won't be held accountable for any under-payment. Those who are owed a refund, however, can refile to get what's owed them.
HHS has promised to correct the tax statements and dispatch them by early March.
The tax credits are determined by the cost of premiums in the consumer's locale, along with the taxpayer's income for 2014. The mistakes arose when HHS miscalculated the local premiums for the 800,000 affected individuals.
For the full story on how the Affordable Care Act (ACA, or Obamacare) affects your business, no matter how large or small, please obtain a copy of our comprehensive yet easy-to-follow Affordable Care Act Compliance Kit.
February 25, 2015
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