Wednesday, January 13, 2016

4 Reasons You May Need to Amend Your 2014 Tax Return

Have you heard from the IRS about your 2014 tax returns? The IRS sent out a Tax Tip a few weeks ago that stated that some taxpayers might have paid more than they were required to pay, and they had a few reasons for why.

Some filers may have miscalculated their individual shared responsibility payment and overpaid, while others may have not been required to pay anything if they were exempt from the Affordable Care Act’s coverage requirement.

If you didn’t claim an exemption from this requirement but were eligible to, or you overpaid the individual shared responsibility payment when you filed your taxes in 2014, you can fix it by amending your return.

These are the four examples of situations the IRS has given where you might want to seriously consider amending your 2014 return:
  • You were exempt from the individual shared responsibility payment because you reported income less than the 2014 tax filing requirement.
  • You were not required to make an individual shared responsibility payment because someone else claimed you as a dependent. 
  • You reported a greater individual shared responsibility payment than required.
  • You made an error in calculating your individual shared responsibility payment.

In some cases, you may be due a refund after your amended return is processed. You can amend your return using Form 1040X and by completing and attaching Form 8965, Health Coverage Exemptions.

For more tax and e-filing information, be sure to keep up with the ExpressIRSForms blog. And if you need any help in your e-filing, don’t hesitate to reach out to our friendly, expert support team. We’re available Monday through Friday, 9 a.m.-6 p.m. EST, by phone (704-839-2270) and live chat. We also offer ‘round the clock help at

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