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New Tax-Related Health Insurance Forms on the Way

Liberty Tax Advises Taxpayers to Wait for Form 1095-A to File Taxes

VIRGINIA BEACH, VA -- (Marketwired) -- 01/21/15 -- Liberty Tax, Inc. (NASDAQ: TAX)

Liberty Tax advises taxpayers to be on the lookout for Form 1095-A. The Department of Health and Human Services has begun mailing the forms, which verify a taxpayer's source of health insurance, to those who enrolled in coverage for 2014 in the Marketplace. Taxpayers who receive the form must use it to complete Form 8962, which must be included with the tax return. If Form 8962 is not included, any tax refund will be drastically delayed.

"It is important for taxpayers who receive the 1095-A to understand its significance," said Chuck Lovelace, Vice President of the Affordable Care Act at Liberty Tax. "Taxpayers don't want to have any issues with their tax return, especially not this year when the IRS commissioner has warned that taxpayers with errors or questions will face delays."

Form 1095-A, Health Insurance Marketplace Statement, is one of three new health insurance forms. Information from Form 1095-A will be needed to complete Form 8962, Premium Tax Credit, which must be submitted with the tax return. Those who did not have coverage but may be eligible for an exemption must complete Form 8965, Health Coverage Exemption.

Liberty Tax advises taxpayers who enrolled in coverage in the Marketplace for 2014 to:

  • Anticipate the arrival of Form 1095-A. If a taxpayer does not receive the form by February 1, he or she should contact the Marketplace call center at 1-800-318-2596.
  • Check for accuracy. Taxpayers who identify mistakes or misinformation on Form 1095-A should contact the Marketplace call center.
  • Do not file without Form 1095-A. Taxpayers who receive Form 1095-A must use it to complete their federal tax return. If they do not, their 2014 tax refund will be delayed.

Liberty Tax has tax preparers who are trained to answer health insurance and tax questions. Liberty Tax can assist those who have concerns about Form 1095-A or any other issues that may arise this tax season.

About Liberty Tax, Inc.
Founded in 1997 by CEO John T. Hewitt, Liberty Tax, Inc. (NASDAQ: TAX) is the parent company of Liberty Tax Service. Liberty Tax is one of the fastest-growing tax preparation franchises and has prepared almost 18 million individual income tax returns in more than 4,400 offices and online. Liberty Tax's online services are available through eSmart Tax, Liberty Online and DIY Tax, and are all backed by the tax professionals at Liberty Tax locations and its nationwide network of approximately 35,000 seasonal tax preparers. Liberty Tax also supports local communities with fundraising endeavors and contributes as a national sponsor for many charitable causes. For a more in-depth look, visit Liberty Tax Service and interact with Liberty Tax on Twitter and Facebook.

MEDIA CONTACT:
Martha O'Gorman
Chief Marketing Officer
Liberty Tax Service
(757) 301-8022
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Source: Liberty Tax, Inc.