IRS Provides Estimated Tax Penalty Relief to Farmers and Fishermen Receiving Corrected Premium Tax Credit Forms
Corrected Forms 1095-A from the Health Insurance MarketplaceFarmers and fishermen who miss this year’s March 2 tax deadline because they are receiving corrected premium tax credit forms (Form 1095-A) from the Health Insurance Marketplace will have until April 15, 2015, to file their 2014 returns and pay any tax due, the Internal Revenue Service announced today.
The IRS is providing this relief because a number of taxpayers have been informed that they will be receiving corrected Forms 1095-A from the Health Insurance Marketplace. Taxpayers need this form to file a complete and accurate return. As a result, the IRS is waiving the penalty for failing to make 2014 estimated tax payments for any farmer or fisherman who, due to this delay, files their return and pays any tax due by Wednesday, April 15. Additional guidance on this issue will be forthcoming.
Normally, farmers and fishermen who choose not to make quarterly estimated tax payments are not subject to a penalty if they file their returns and pay the full amount of tax due by March 1. This year, the due date was pushed back to Monday, March 2, because the normal deadline falls on a Sunday. A taxpayer qualifies as a farmer or fisherman for tax year 2014 if at least two-thirds of the taxpayer’s total gross income was from farming or fishing in either 2013 or 2014.
To read more about the corrected Form 1095-A, please visit the original article on the IRS.gov website.
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