We all know that new tax regulations can cause hiccups when filing your tax return, and the new Covered CA/ObamaCare has been no different. Its been a challenge to correctly report the tax form 1095-A, especially when commingled with private insurance coverages throughout the year or for separate household members. But I don’t think anyone would have predicted that the MarketPlace would make mistakes effecting so many people.

The MarketPlace is reporting they misreported the info on 800,000 tax form 1095-A’s and are now sending out corrected forms starting in March.

What does this mean for you??

1) If you received a 1095-A and have not yet filed your tax return: WAIT! You will be able to file in March when you receive the corrected form.

2) If you received a 1095-A and have already filed: you are not required to amend your return, but might benefit from doing so! You may be entitled to more of a refund or a lower penalty due to these changes.

3) If you didn’t use Covered CA for your health insurance: you are in the clear! No waiting for fixed forms.