Received 1095-A late, already filed and been approved. What do I do?

[Sierra10]

I filed my return and it was initially rejected due to missing 1095-A. I called Kynect (ky marketplace people) They said since I wasn’t covered the full year I wouldn’t receive one.

After speaking with them, I file my return again thinking they would’ve given me correct information. It was approved. Today I got a 1095-A in the mail. What am I supposed to do? I can’t amend until February 15th on turbo tax. But I’ve read not to amend until the IRS sends a notice in the mail. What am I supposed to do here? 

[MindyB]

You should not wait for a notice, and instead amend when the forms are available. If you are expecting a refund, you should wait until you've received the refund. Then, you can amend as soon as the federal amended tax return form 1040-X is available for filing in TurboTax.  Use this tool to check availability of forms, including 1040X: Tax form availability

Here is some more information on filing amendments: How to File an Amended Tax Return with the IRS

[Sierra10]

I am going to get a refund. If I wait until I receive the money and then amend will I have to pay that money back? Will I be in any legal trouble? I have bills I need paid immediately when I get the money. I’m worried that the 1095-A is going to make me owe. If that’s the case am I suppose to pay it back immediately or on next years? Payment plan? This is my first time having a 1095-A and it’s confusing me as my tax situation is usually simple. 

[MindyB]

Yes, you will need to pay the difference in tax on the missing form, if any.  I would highly suggest preparing the amended return now, so you will see what you owe.  Set that money aside from the refund- pretend that you filed properly to begin with.  You will be responsible for penalties and interest if you do not pay it back.  Even with a payment plan, there will be interest incurred. 

[Sierra10]

I’m unable to prepare it until February 15th when turbo tax opens up the option. Is there another way to prepare it or do I need to wait until then? 

[JohnB5677]

No, there is no other way to file an amended return earlier; however, 

• I would have recommend that you held off from the start.
• If the amendment was processed before the original it could cause real confusion.
• You will have to pay back any tax that the amended return indicates.