2014 Penalty relief for late or incorrect marketplace forms 1095-A.

• Author: Josephs, Stuart R.
• Position: FED TAX NEWS

IRS Notice 2015-30 (IRB 2015-17, Apr. 27, 2015) grants relief for the penalties shown below to taxpayers who:

* Received Form 1095-A "Health Insurance Marketplace Statement," that was late or the taxpayer believes to be incorrect; and

* Timely filed their 2014 income tax returns, including extensions.

Thus, no penalties will be imposed for:

* Late payment of a balance due [Sec. 665 1(a)2)].

* Failure to pay an amount due upon notice and demand [Sec. 6651(a)(3)].

* Estimated tax underpayment [Sec. 6654(a)]. Note: Form 2210 should be filed with the tax return and Box A in Part II checked requesting a waiver of the entire estimated tax penalty.

* Accuracy-related penalty (Sec. 6662). Note: This relief applies only to the portion of an underpayment resulting from the receipt of a late or incorrect Form 1095-A.

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