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Premium tax credit repayment of $1600 is calculated on form 8962, line 29, but is not posting to Schedule 2, line 2. It seems to be an error, but I can't seem to correct it.
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As of March 11, 2021 the Congress said it wasn't necessary.
As of yesterday, the IRS & the software was finally updated to reflect that retroactive change.
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just so you know, the penalty or repayment requirement was waived for 2020 and was just updated yesterday-you may wish to check for other threads on this subject
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You may also want to query your client list for anyone with marketplace insurance thats already been filed, many people may have paybacks that can be refunded.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Car Guy, Pro Series is Computing everything correctly... The penalty shows on the form 8962.. But it does not transfer to schedule 2 since there is no penalty... I completed one this morning and it is correct...
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This post and the many similar ones just go to prove once and for all, good news does not travel fast.
Slava Ukraini!
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Thank you all for your helpful responses! I missed the 3/11/21 IRS Notice. I can move on with peace of mind!
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Just for clarification:
"I missed the 3/11/21 IRS Notice."
You realize this is the $1.9 Trillion Bill that has this and a ton of other Tax Provisions? It's not just APTC that changed. It's a bit more than just a "notice." It seems you have some homework to do 🙂
Don't yell at us; we're volunteers
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I have the same issue but unable to efile the return....how were you able to efile with APTC corrected for form 8962...
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Db, what error message is showing?
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it says...form 8962 Premium Tax Credit Liab.the recently enacted American Rescue Plan suspended the requirement to payback excess PTC received. The product is still being updating to exclude the repayment from the self employed health care calculation.
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so the APTC is still showing up on line 16 of Part II adjustments to income...that should also be zero...but software is not correctly handling this
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♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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DB it is the self-employed Health deduction part that is holding up that return... If there was not that then it should have been okay... Just my opinion
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I finally figured it out...remove the link to the business of the excess ptc and the return passes efiling..
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♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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thank you so much...yes and i appreciate your input.