Under Code Sec. 36B(a), certain taxpayers are allowed a refundable premium tax credit to help afford health insurance bought through an Exchange. On Feb. 20, 2015, the Department of Health and Human Services announced that it had issued Forms 1095-A containing erroneous information to some taxpayers who received advance subsidies toward their purchase of health insurance through healthcare.gov. These taxpayers have been informed that they will be receiving corrected Forms 1095-A from the Health Insurance Marketplace. Taxpayers need this form to file a complete and accurate return. The delay in receiving accurate Forms 1095-A may have prevented some farmers and fishermen from filing their 2014 income tax returns by March 2, 2015.
The IRS has announced it will waive the penalty for failing to make 2014 estimated tax payments for any farmer who received an erroneous Form 1095-A, and missed the March 2 filing and payment deadline, if he files his 2014 return and pays the tax due by Wednesday, Apr. 15, 2015.
Farmers requesting this penalty waiver must attach Form 2210-F (Underpayment of Estimated Tax by Farmers and Fishermen) to their tax return. The form can be submitted electronically or on paper. The taxpayer’s name and identifying number should be entered at the top of the form, the waiver box (Part I, Box A) should be checked, and the rest of the form should be left blank.