IRS extends filing deadline for certain farmers
Posted On: 3-2-2015 | Posted By: Debbie Mathes, CPA
Farmers and fishermen who received incorrect health insurance forms from the federal Marketplace will have until April 15 to file their tax returns and pay any tax due. The usual filing deadline is March 1 (or March 2 this year, because March 1 falls on a Sunday), and that deadline is still in effect for farmers and fishermen who aren’t expecting corrected Marketplace reporting forms.
The IRS recently notified 800,000 taxpayers they will receive a corrected Form 1095-A, which verifies the amount of the health insurance premium tax credit. The 1095-A is needed in order to file a complete tax return.
After receiving the corrected Form 1095-A, farmers and fishermen should file their tax returns by April 15 and include a penalty waiver, Form 2210-F.
If the taxpayers have already filed their tax returns using the incorrect 1095-A forms, they might choose to file amended returns but are not required to do so. The IRS has indicated it will not pursue collection of additional taxes based on the updated information.
If you are an affected taxpayer, please contact your WK advisor at (573) 442-6171 or (573) 635-6196.