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Has any one figured out a way to elect out of the repayment, or are we still waiting on an update from proseries?
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There was an update a couple of days ago. Go to your computer start menu and click on ProSeries and then click repair updates -------- unless you just haven't run an update in the last couple of days.
Slava Ukraini!
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I just opened a previously filed return and it shows that change and pulls up a 1040X showing the reduction in tax. The amount of excess credit repayment is gone from schedule 2.
Ive been doing some "Google Research" and I cannot tell if the IRS has issued the expected guidance on this issue: re: whether to amend, or wait and see if the IRS is able to make automatic changes - like they are supposedly doing for the Unemployment.
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DHK
Thankyou for that - I actually got to call a client today and tell them not to mail that $5K + check!
I enjoy those phone calls and really made her weekend as well.
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"and I cannot tell if the IRS has issued the expected guidance on this issue"
You don't need Google.
Are you signed up for e-newsletters? These come directly to you at the same time they post it on the web.
https://public.govdelivery.com/accounts/USIRS/subscriber/new?preferences=true
Don't yell at us; we're volunteers
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Any update on the treatment of repay excess advance payments of the 2019 Excess Premium Tax Credit.
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For 2019 - there were no changes.
For 2020 - there were changes.
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That's a pretty excellent update. 😀
Slava Ukraini!