Hi! I just found out that I have two 1095-A's for this year, one for for each "Policy Issuer" and I already submitted my returns! I completely left out info for January 2020, left it zero. Will I need to amend my returns? How will it affect my state returns?
Status is still pending. Can we still pull it out somehow? Thank you!
A return in pending cannot be pulled back out. It is the same as mailing a letter and then you cannot get it back from the mailbox.
What has happened in past years is the IRS sends a letter saying that you did not enter the 1095-A forms and that you need to send them a copy of Form 8962. TurboTax will generate the Form 8962 when you enter your 1095-A forms and you can then print the form and send it to the IRS following the directions in the letter.
As far as whether there will be an effect on the state return, that has not been an issue in the past. Your state return will not transmit until your federal return does. The state return is not likely to be affected, although that could vary depending on the state. When you correct your federal return, you can see if it makes any changes to your state return. If it does change the state refund amount, then you will need to send an amended state return.
You do not need to file an amended return because you forgot to add Form 1095-A
The IRS will contact you and ask you to send in a copy of Form 8962.
You will create the Form 8962 in TurboTax by following these directions:
fill in the information from the 1095-A and answer all of the questions
Review your tax return and then go to Tax Tools, Print Center and print your 2021 tax return as a pdf. Find the Form 8962 in the pdf copy and print that form. Then follow the directions from the IRS to mail or fax the 8962 along with a copy of the 1095-A and a copy of the letter from the IRS.
A return in pending cannot be pulled back out. It is the same as mailing a letter and then you cannot get it back from the mailbox.
What has happened in past years is the IRS sends a letter saying that you did not enter the 1095-A forms and that you need to send them a copy of Form 8962. TurboTax will generate the Form 8962 when you enter your 1095-A forms and you can then print the form and send it to the IRS following the directions in the letter.
As far as whether there will be an effect on the state return, that has not been an issue in the past. Your state return will not transmit until your federal return does. The state return is not likely to be affected, although that could vary depending on the state. When you correct your federal return, you can see if it makes any changes to your state return. If it does change the state refund amount, then you will need to send an amended state return.
Thanks Mary. So I just need to wait for the IRS to send me the request before doing anything else? I don't need to file an amendment right now?
Sorry for the delay in responding, I was told that the forms for amendment would only be available on the 25th so I didn't check any tax-related stuff until today, didn't want to worry over it while waiting. Thanks again!
In previous years, when the IRS found that a taxpayer failed to include a form 8962 (which is produced by entering the 1095-A) within a few weeks, the IRS would place your refund (if any) on hold and send you a letter asking for the 8962.
This same letter would normally ask you NOT to amend your return, but to just send them the 8962.
We cannot guarantee that the IRS will do it the same way this year - their ability to handle paperwork has been restricted due to the pandemic - but I think you should give it a few weeks and see if you get the letter.
Thanks Bill. I'll give it a few more weeks then. They accepted my filing and I already settled our dues, we're not expecting any refund so I'll just wait for their instructions.
Yes, in the past, the IRS would accept the returns, and then in some subsequent processing, about three weeks later you would receive the letter.
As I said, no telling how this will go this year.
Hi my name is Leo Belcher an I filed my taxes with turbotax already
You do not need to file an amended return because you forgot to add Form 1095-A
The IRS will contact you and ask you to send in a copy of Form 8962.
You will create the Form 8962 in TurboTax by following these directions:
fill in the information from the 1095-A and answer all of the questions
Review your tax return and then go to Tax Tools, Print Center and print your 2021 tax return as a pdf. Find the Form 8962 in the pdf copy and print that form. Then follow the directions from the IRS to mail or fax the 8962 along with a copy of the 1095-A and a copy of the letter from the IRS.