Here are five things to know:
1. Approximately 1.8 million households that received subsidies for their premiums in 2014 failed to file a 2014 tax return as required by law, or did not have the necessary IRS paperwork. Insurers warn tardy tax filers they may risk their financial aid by filing their taxes late.
2. Nearly 760,000 households filed their tax returns and received tax credits but did not submit a new form needed to account for the subsidies. The form, Form 8962, is new for the 2015 tax filing season.
3. Approximately 710,000 households did not file a 2014 return by the tax-filing deadline despite being legally required to account for health insurance tax credits.
4. The IRS began notifying tardy filers in mid-July, stating that filing an electronic tax return within 30 days would “greatly reduce the risk of an interruption” in healthcare subsidies.
5. The Affordable Care Act created tax credits to help individuals afford private insurance. The aid averages $272 each month, covering nearly three-fourths of the premium. This program is confusing for many consumers who may have to fill out complex new forms, and 2015 is the first year for tax implications.
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