Level 5

Solved

Premium Tax Credit impacted by American Rescue Plan

Forum|Forum|5 years ago
March 19, 2021
72 replies
103 views

As I understand the American Rescue Plan, Act one of its components suspends tax liability for 2020 when advance payment exceeds the allowed Premium Tax Credit, regardless of income level. I have two returns where the excess premium credit repayment amount (Form 8962) still appears on the return.

Have I misunderstood this component of the Act, or has this update not yet made its way into ProSeries?

Thanks!

Mike

ProSeries Professional

This topic has been closed for replies.

Best answer by abctax55

They have to wait for the IRS to revamp the form, and then get IRS approval of Intuit's schema for it.

I'm hoping, optimistically, ten days?

T

TaxGuyBill

The update has not yet made it to ProSeries.

I got the impression that the IRS will be updating the form, so it will likely be a couple of weeks until the software is updated with that.

S

Shannyj05

Level 2

Since they are taking their time in releasing these updates and we are anxiously awaiting them, May will still be right around the corner. I know AICPA is urging the IRS to move to June 15 (including estimated tax payments) does anyone know of something we as preparers can do to URGE them that we need more time because they keep changing crap mid-season!?!?!?

P

PamC

Level 6

I sent an eletter to my senators yesterday. AICPA is urging tax pros to let your legislators know how we feel about this issue.

abctax55Answer

Level 15

They have to wait for the IRS to revamp the form, and then get IRS approval of Intuit's schema for it.

I'm hoping, optimistically, ten days?

HumanKind... Be Both

B

brill1ant

Level 3

Go on vacation until 5/16/2021

I sent my resume to the IRS.

sjrcpa

Level 15

The Commissioner was asking Congress for more money so they could hire more people.

The more I know the more I don’t know.

The_AntiTax_Man

Level 7

@MikeB_CPA stay tuned. Intuit is on it!

V

vmtowers

Level 2

Any update on the suspension of excess Advance Premium Tax repayment? Thanks!

H

henrymarcusausti

Level 3

Not as of yesterday. I got the same "something's changed" message when I opened the returns that have been that way.

G

greenfarms

Level 3

Any word on ProSeries update for Premium Tax Credit? I have people that would like their refund but I am sitting on their returns until the correction.

IRonMaN

Level 15

Bird is the word

Slava Ukraini!

Sign up

Login with SSO

Let's get you signed in

Login with SSO