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In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
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- California Premium Assitance Subsidy (PAS) & elimination of the APTC
California Premium Assitance Subsidy (PAS) & elimination of the APTC
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Mozko
Level 1
04-09-2021
12:35 AM
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Good Evening I have been trying to find an answer to the following situation I have run into.. I have a client that made more money than expected and had to repay the excess APTC in the amount of $23,655.00 due to this the State of California was issuing him a PAS of $18,297.00 so at the end of the day he was going almost break even....
When the American Rescue Plan eliminated the repayment of APTC I thought the California PAS would be reduced but now ProSeries is calculating no APTC repayment but still the California is calculating a PAS of $18,297.00. It just doesn't seem coherent for him to get so much money back from the State if he no longer has to pay the Federal...
Any insight would be greatly appreciated...
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IRonMaN
Level 15
04-09-2021
08:50 AM
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They just updated the federal software. States are always going to lag behind.
Slava Ukraini!
rbynaker
Level 13
04-09-2021
09:02 AM
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This is such a mess. It's not just you. The Drake software programmers asked CA FTB about this and their response was:
"There is no change to the CA premium assistance subsidy calculation."
I'm not a CA preparer but it sure sounds like more free money for people who made more money in 2020 than they thought they were going to make. Be sure to pick out a good wine to go with the free cheese.
