Level 3

Question

Premium Tax Credit excess forgiveness in Todays update-CAUTION!

Forum|Forum|5 years ago
April 8, 2021
9 replies
22 views

ProSeries Pro was updated today to wipe out any PTC excess repayment. I stumbled on this myself, because as usual, Intuit did not communicate this. It happens automatically and simply changes a return you have previously calculated and may be holding for a software update. However...the client letter has a build\t in paragraph about the PTC under the Affordable Care Act and it is still shows the information and says the taxpayer is being charged and they are not. You either have to manually edit their letter or cross it out on the letter.

ProSeries Professional

This topic has been closed for replies.

Just-Lisa-Now-

Intuit Community Champion

That's what its supposed to do...its finally correct! Ok, so the letter is wrong, boo-hoo, people are saving lots of money!

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

abctax55

Level 15

https://proconnect.intuit.com/community/proseries-tax-news-updates/discussion/american-rescue-plan-in-proseries-tax/00/139713

HumanKind... Be Both

qbteachmt

Level 15

"and simply changes a return you have previously calculated and may be holding for a software update"

Yes, and Ta-Da! You got the update you were Holding for.

Don't yell at us; we're volunteers

F

fallbrookianAuthor

Level 3

Yes I did and I was grateful. However, I would appreciated better communication from Intuit instead of finding these things out by trial and error.

G

Greta

Level 7

Wow. I wondered why Form 8962 didn't work today for two clients, no excessive subsidy being charged.

So what to do about clients I have already filed who repaid $2700 excess subsidy? Amend those??

Just-Lisa-Now-

Intuit Community Champion

Intuit says DONT amend, at least not yet.

https://proconnect.intuit.com/community/proseries-tax-news-updates/discussion/updates-on-the-aptc-repayment-suspension/00/154171

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

PATAX

Level 12

My friend , you can type a letter out in 15 minutes on other software, save it, and then print it, if this issue concerns you that much... You can then bring up that saved letter and just change the file name and the other items in letter for other clients... Don't take this the wrong way... I am just trying to help you... Just my opinion

F

fallbrookianAuthor

Level 3

Thank you - I am far too busy to type a letter when it is in my software and should have been part of the update.. I edited the standard letter and took out all paragraph reference to PTC and the Affordable Care Act except the paragraph about receiving a refund if the PTC was too low. My original comment was frustration to no communication from Intuit that this might be a problem. Apparently not a problem for all, but it was for me as I like a professional presentation. For the Intuit lovers, I appreciate how difficult it has been for them this year as we.. - all we are asking for is better communication.

Sign up

Login with SSO

Let's get you signed in

Login with SSO