Form 8962 Update for Repayment of Premium Tax Credits

[alisonbianca]

I apologize if this is a duplicate posting.  I searched the other topics but didn't find a clear answer.  Is Lacerte working a resolution to the change in law that allows for NO repayment of advance premium tax credits? Or are we still waiting on the IRS? Or are other tax preparers just forcing something to show there is no repayment?

Any help is greatly appreciated! Thank you

[pamdory]

There are quite a few posts about this as we're all getting anxious for this change.  However IRS still hasn't issued guidance or updated Form 8962.

I have bookmarked these IRS pages and check them multiple times a day 

https://www.irs.gov/forms-pubs/changes-to-current-forms-publications

https://www.irs.gov/affordable-care-act/individuals-and-families/premium-tax-credit-claiming-the-cre...

If you do the same you'll know when the change has been made.  Intuit has to wait for IRS before they can change software.

[riedy3]

I was sent this information this morning, it is what someone received from Drake software

Update: Advanced Premium Tax Credit Repayment

As of April 3, 2021, EF message 2613 has been removed and returns with excess Advanced Premium Tax Credit (APTC) can now be filed; the excess amount will not be included on the return and a Note will be produced explaining software functionality.

The American Rescue Plan Act of 2021 (ARPA), passed in March 2021, contains a provision to no longer require repayment of any excess APTC on 2020 tax returns. Recent IRS guidance relative to this provision instructs taxpayers who have an amount on line 29 of Form 8962 to not include Form 8962 with their return.

[pamdory]

Yes, I got that from a colleague using Drake on Saturday.  

I'm still looking for the "Recent IRS guidance" ...

I have a couple of returns that have a APTC that interacts with the self-employed health insurance deduction.  Logic would make me think that no repayment = no SEHI deduction. 

But I don't have a lot of confidence in logic as a fallback this season.

[Silver Eagle]

I too would like to know how to fix or workaround this? any progress?  eds.