The issued a reminder that individuals who
received advance payments the (PTC) in 2014, for they purchased through a or exchange, should file their 2014 federal return as soon as possible.
Those who fail to file a 2014 return will not be eligible to receive advance payments the PTC in 2016. In addition, non-filers may need to pay back some or all their 2014 advance payments.
The is currently sending Letter 5591 to individuals who received 2014 PTC advance payments but have not yet filed a 2014 return, to remind them the importance filing their return along with Form 8962.
The letter encourages taxpayers to file within the date the letter in order to avoid a gap in receiving advance payments the PTC in 2016.
Individuals who are not eligible for advance the PTC will be responsible for the the premiums and all covered services.
Individuals who chose to have advance payments the PTC sent directly to their insurer are required to file a return and to complete Form 8962 to reconcile the advance payments to the actual . This applies even if the is not otherwise required to file a return.
Individuals who received advance payments the PTC should have received Form 1095-A, a Statement, from their . The Form 1095-A provides information the taxpayer will need to complete Form 8962.
Anyone with questions about the information on Form 1095-A for 2014, or about receiving the form, should contact their directly.