After months of pressure from Senate Democrats, academics and is preparing to tax give individuals a chance to get coverage at the same time they file taxes, the deadline for open enrollment was extended once again. Individuals can now register for the plans through HealthCare.gov to April to avoid tax penalties for not having coverage in 2015.
While the deadline for open enrollment was extended until 22 , it was further extended to April. And as many are scrambling to obtain health coverage, others are just learning that they can be one of the 800,000 people who may be receiving too much or too little tax credits as bonus they signed up for health insurance coverage.
This article covers the details of the new deadline for open enrollment and why it has been extended, the error made on more than 800,000 tax returns, and how these events affect you .
Open Enrollment Deadline Extended 
The people who have to pay penalties to go uninsured in 2014 and still are insured from now will be allowed to visit HealthCare. gov until the end of April, from March 15. The site closed on Sunday for most users and, as regards the changes announced Friday, people will have to pay a penalty partial yet they went no cover health insurance in 2015 for people who were uninsured in 2014, they will face fines as well. However, many people are eligible for exemptions
Related :. FAQ individual mandate on fines, coverage and exemptions
Those who are not exempt and were always necessary to buy Medicare coverage say the holidays and bad time are to blame for the missed opportunities to sign up for coverage. Moreover, advocates of the extension fear that people waiting to file taxes in March or April would not be happy to learn about the fines for 2014 at the same time they discover they have been in lock- out for another year.
This extension applies to 37 states that currently use the federal HealthCare.gov market perform. Thirteen states are pursuing their own markets and also announced that they will extend registration to cover health insurance until the end of the tax season
Related eBook :. The Small Business Guide to Open Enrollment 2015
3 million people may have to repay the government for tax credits due to error
While many are concerned about the time and coverage, something else happens: health officials say about 800,000 tax documents containing errors were sent to people who have signed up for coverage in 2014 received bonuses tax credits to offset their costs.
Individuals will have to reimburse the government if it is decided that they have received too much of a tax credit on premiums. However, individuals can claim a refund if they should have received a tax credit on the largest bonuses. H & R Block Inc. estimated that nearly three million people who have received premiums tax credits for health insurance coverage may have to repay the government money ( Source ). premium tax credits are reconciled with the actual income earned based on the 1095-A form sent by the Ministry of Health and Social Services. As much as 20 percent of these forms were listed wrong local premium.
The individuals are being notified of the error and those who are not already filed taxes will be told to wait to file taxes until they get corrected statements. It is expected that the repetition of the extension will occur next year.
How will this affect you?
If you are one of the millions of people who signed up for insurance coverage already received and disease of the premium tax credits, you can receive something that you inform or if you owe money to the federal government, or if you must.
If you have not registered to the coverage of health insurance, and certify that you have not learned about the requirement of the health law to subscribe insurance or pay the penalty when you file taxes, you can still register and file your taxes.
Finally, if you have not already filed taxes, but used your premium tax credits when registering for the cover of Medicare, wait to file your taxes until you get a corrected statement.
How do you reconcile your tax credit on premiums when filing taxes?
As you file 2014 taxes this year, and if you tax credits premiums received, you will need to complete a form (Form 8962) with the information you received market on form 1095-a. This form will come in the mail for you to include in your income tax return
Read more :. What's new for 2014 Tax Returns
Conclusion
The deadline for open enrollment was extended to accommodate people who have been unable signing up for health insurance coverage. And thousands or millions of others who have filed their taxes can learn whether they will be reimbursed for overpaying on tax credits in the health insurance premiums, or will have to repay the government for receiving too large a tax credit on premiums.
What questions do you have about the new deadline for open enrollment and filing taxes this tax season? Comment below
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