topic Missing form 1095A leads to negative financial consequences in Retirement tax questions

Missing form 1095A leads to negative financial consequences

Nitanay — Tue, 05 Jan 2021 13:16:42 GMT

I missed my 1095A on 2019 taxes. Filed in February of 2020. Filed form in April. 2019 taxes not completed by IRS until December. Due to delay social security based Medicare payment on 2018 income, which was significantly higher than 2019 income. I am now paying $720 more. Although not a penalty from IRS it is negative financial consequence. I cannot access guarantee from turbo tax. Social security will not do a reconsideration. ( they only reconsider if it’s a life event change)I’m afraid to use turbo tax for 2020 because I can’t depend that it will cue me to complete all forms needed. Looking for help on how to resolve my issue with social security. How to ensure all forms are completed for taxes

Re: Missing form 1095A leads to negative financial consequences

MarilynG1 — Mon, 18 Jan 2021 18:21:20 GMT

If you were on Medicare in 2020, you won't have a 1095-A to enter. You will enter your SSA-1099 in the Income section.

Medicare Premiums are a 'standard rate' for most people, unless you earned over the income threshold. If you went on Medicare in 2019, your premium would be based on your 2018 income.

Not including your 1095-A on your 2019 taxes would not negatively affect your Medicare premiums calculated for 2020, as it would not have reduced your income.

Click this link for more info on Income and Medicare Premiums.

Re: Missing form 1095A leads to negative financial consequences

Nitanay — Mon, 18 Jan 2021 20:41:36 GMT

In 2019 I was in the marketplace for the first 2 months , Medicare started in March. Thus I needed the 1095A. Because the form was not filed correctly in my 2019 taxes, this delayed the IRS processing my return for 2019. Therefore when social security pulled my income to set Medicare rates for 2021 they used my 2018 taxes. My 2018 taxes included my lump sum payment from social security. Thus my income was much higher due to the lump sum. Therefore the missed 1095A has cost me considerable money. I’m paying extra for my Medicare. I’m afraid to use TurboTax again. I thought the system took you through step by step...

Nitanay

Re: Missing form 1095A leads to negative financial consequences

AmyC — Mon, 18 Jan 2021 21:35:58 GMT

There are thousands of tax items the software can handle. The program simply cannot ask each person if they purchased energy efficient windows and all the other questions. You must know your forms and what you did. We have a search for forms. If you type 1095-A into the search glass, it takes you to the section you need.

I am sorry that you had difficulty inputting your forms and that the effects are frustrating.

We do have an accuracy guarantee. However, it only covers our mistakes.