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Level 3
April 7, 2021
Question

American Rescue Plan eliminated Premium Tax Credit Repayment deducted as SE Health and on Schedule A

  • April 7, 2021
  • 1 reply
  • 0 views

Version 41.0406 eliminated the Premium Tax Credit Repayment as expected per the American Rescue Plan.

However, I believe it is incorrectly deducting the waived repayment as either SE Health Insurance premiums and on Schedule A Line 1.  

I certainly didn't read the ARP Bill, however, these were not premiums that were paid by the taxpayer.

I tried contacting support and after an hour gave up when they erroneously cited the Schedule A instructions.  

Does anybody have any insight if this is correct?

This topic has been closed for replies.

1 reply

Level 6
April 7, 2021

I'm following this too.  Just doesn't feel right, but nobody's found the actual guidance from IRS.

There's another thread that is discussing you may want to follow.

https://proconnect.intuit.com/community/lacerte-tax-discussions/discussion/excess-advance-premium-tax-credit-repayment/00/143377