Premium Tax Credit excess forgiveness in Todays update-CAUTION!

[fallbrookian]

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.

[Just-Lisa-Now-]

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

[abctax55]

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

[qbteachmt]

"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.

[Greta]

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 says DONT amend, at least not yet.

https://proconnect.intuit.com/community/proseries-tax-news-updates/discussion/updates-on-the-aptc-re...

[abctax55]

IRS says nope, don't amend:

https://www.irs.gov/affordable-care-act/individuals-and-families/premium-tax-credit-claiming-the-cre...

[PATAX]

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

[fallbrookian]

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. 

[fallbrookian]

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.