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Health Care Law and Taxes – Last Minute Tip

IRS Health Care Tax Tip 2015-27, April 14, 2015

Most taxpayers will simply check a box on their return to indicate that everyone listed on the front of the return has qualifying health care coverage for the entire year and may not need more time to file.

However, people who haven’t finished filling out their return can get an automatic six-month extension. The fastest and easiest way to get the extra time is through the Free File link on IRS.gov. In a matter of minutes, anyone, regardless of income, can use this free service to electronically request an automatic tax-filing extension on Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return.

If you received your coverage through a Marketplace, you may have received an incorrect Form 1095-A, Health Insurance Marketplace Statement, or your form may have been delayed. If you have not yet filed your income tax return, you should file by April 15 using either the Form 1095-A that you have received or the corrected form, if available. Alternatively, you may file for an extension of time to file by April 15 using Form 4868.  For more information including information about what to do if you already filed your tax return, see our Incorrect Forms 1095-A and the Premium Tax Credit questions and answers.

An extension to file will give you until Oct. 15 to file your taxes. It does not give you more time to pay your taxes. You still must estimate and pay what you owe by April 15 to avoid a late filing penalty. You will be charged interest on any tax that you do not pay on time. You may also owe a penalty if you pay your tax late. In light of some tax filers not receiving their correct Forms 1095-A, in time, the Treasury Department and IRS released guidance providing penalty relief for individuals who are unable to file an accurate return by April 15. Generally, in order to qualify for this relief, taxpayers must file either Form 1040 series or Form 4868 by April 15. A return must be filed by Oct. 15.  More specifics on the relief is  included in Notice 2015-30, Penalty Relief Related To Incorrect Or Delayed Forms 1095-A.

 For more information about the Affordable Care Act, visit IRS.gov/aca.

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Page Last Reviewed or Updated: 03-Jan-2017