Level 3

Question

Premium Tax Credit New Stimulus Act (ARPA)

Forum|Forum|5 years ago
March 18, 2021
27 replies
53 views

I was reading here that there will be an update today March 18) for the new stimulus tax law changes. The only thing mentioned is the unemployment exemption. I was reading elsewhere that there was also a change to the law regarding the Premium Tax Credit. For 2020 where the advance credit payments exceed the PCT no additional income tax will be imposed.

Will the update fix form 8962 to account for this?

ProSeries Professional

This topic has been closed for replies.

taxshack

Level 6

The notice they put out said they would "address the federal updates" so I'm hoping it is inclusive. Sounds like we won't get the update though until later this afternoon/evening. Keeping fingers crossed.

Preparing taxes is not my life, but my life is amazing because I prepare taxes.

rbynaker

Level 13

I would not expect APTC repayment to be updated today. Intuit generally programs based on form instructions. The IRS released instructions last Friday (3/12/21) regarding how to report excluded unemployment income but they have not released instructions on how to report APTC repayment limitations. Presumably it will be as simple as limiting the amount to $0 but the IRS and the software companies need to reprogram so that 4-6=0 instead of 4-6=-2.

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me112233

Level 4

So, put another way, proseries isn't going to fix this any time soon? After the IRS gave rather simple guidance on the unemployment, It took proseries almost a week to give us a patch. And frankly, that one was so simple, we really didn't need a patch; all I had to do was type in negative number on line 8 of Schedule 1 and I was done.

abctax55

Level 15

@me112233

THIS thread has nothing to do with unemployment. That issue has been fixed with a recent update.

This thread is asking about the APTC aka premium tax credit payback revision/clawback.

And until the IRS takes action & revises the form, Intuit (as well as all other software providers) has their hands tied.

Put the blame on Congress who passes these last minute retroactive tax law changes 2/3rds of the way thru filing season.

HumanKind... Be Both

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me112233

Level 4

Gee gads. I didn't claim this thread had anything to do with the unemployment issue, I simply interjected that it took intuit a week to created an rather simple update after the IRS guidance had been issued, and the projected that similar delays were likely with premium tax credit issue.

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Bethynp

Level 3

Today is March 28...crazy that we have no update yet for the APTC yet. I have too many files on my floor now to count that are waiting for updated software. The extension to May 17th isn't gonna help me for the last month while I scramble to get all these tax returns done. Maybe tomorrow? Getting very close to retirement...shoulda happened last year or maybe two years ago before the GOP tax plan...

abctax55

Level 15

@Bethynp - Take it up Congress, then the IRS. As has been posted several times, until the IRS revamps Form 8962, there is *absolutely* nothing the software providers can do.

HumanKind... Be Both

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Bethynp

Level 3

Already passed and signed into law (American Rescue Plan) March 12, 2021.

taxshack

Level 6

Proseries updated yesterday. The APTC no longer carries to Schedule 2.

Preparing taxes is not my life, but my life is amazing because I prepare taxes.

taxshack

Level 6

But watch it because it does not account for the Self-Employed Health Insurance deduction. You have to unlink the 1095-A and figure the allowable amount yourself.

Preparing taxes is not my life, but my life is amazing because I prepare taxes.

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