When does Lacerte plan on having a fix so that 2020 returns will no longer be subject to having the excess advance premium tax credit repayment assessed on Schedule 2?
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Wait for tomorrow's update. UI exclusion is the banner flag of ARPA, but Intuit is aware of the ACA penalty abatement. Today's alert had a "wait and see" feel to it regarding UI, mentioning they do many updates on Thursdays. Hopefully we'll see it in there, but if we don't, hopefully an alert will come out soon.
Regardless, tell your clients to sit down, be patient, and shut up. Everything is moving sluggishly right now, so they have to be patient with you while you wait for IRS and then Intuit to issue procedures.
HAHA, WELL SAID !!!
Well, we have more info. I've got a diagnostic on one of mine that would have repayment. We're waiting for IRS to update form 8962, then we'll have wait for Lacerte to integrate that update.
I would not attempt to override this. Carry the company line to clients, "Just be patient. Do not ask for personal updates. Expect this to take at least a month. You are on my list to contact when this is resolved."
Good luck!
I thought there were caveats on who can exclude the Premium Tax Credit and who cannot. I had seen a preliminary review of this that had if you had received unemployment you could exclude it. Need the IRS to come out with more clarity on this.
The exclusion of repayment is NOT limited to unemployment recipients only. Per the ARPA, for 2020, the repayment of excess does not apply.
Still no luck as of 4/2/2021. When will Lacerte make the update that is specifically for "Excess advance premium tax credit repayment"? May 17th is not my fav answer.
As has been pointed out many, many, many times....
The IRS has to act FIRST; none of the software providers can do anything until the IRS revamps the form.
irs.gov is a great resource for info...... AND they offer free Alerts.
So, it's been 3 weeks since you posted your response. Lacerte still does not have an answer. Drake has the fix dialed in as of 4-5-2021, and you want me to tell my clients to sit down and shut up!!?? Why don't you take your own advice!
Drake has an update out as of 4-5-2021.
We are NOT Intuit, so your "sit down & shut up" advice is rude, uncalled for and unprofessional.
And BTW - Drake's early rollout is in violation of the IRS's position, and has computational errors.
Try to have a nice day...
Updated is available as of 4/7/2021. That should fix it!
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