Premium Tax Credit impacted by American Rescue Plan

[IRonMaN]

Does this mean we aren't supposed to post to this post because someone jumped into the middle of an existing post and now doesn't like when someone else posts to this post?

[abctax55]

Oh - guess I missed that subtle part of the Community Rules.  

I'll do better.  Or, not.

[IRonMaN]

Oops, I guess I shouldn't have posted that, because here comes another e-mail ------------------ unless of course you choose to shut off the e-mail notifications, which you can do through your preferences.

[abctax55]

@dkh 

Could you please supersize that for me?  I am in need....

[dkh]

sorry it took so long but better late than never - right?

[abctax55]

I couldn't wait.... so I had something else to drink last night.

I'll save this  supersized cocktail for tonight's libation.   Thanks you so, so much !

[dkh]

@jeffrey    I'm sorry if I offended you by what you took as joking and wasting time. My post regarding the conversation warrants a drink was prompted by frustration . Similar to the frustration you expressed in not being able to bypass and override.    This tax season has been trying all our patience to say the least.

I hope you will return to this forum when you need guidance.  There are lots of good people volunteering assistance and wisdom.

[greenfarms]

@jeffrey I am with you.  Like with my hair color I don't know to look on IRS.gov for answers well tell me what you get when you look for Premium Tax Credit impacted by American Rescue.  The IRS.gov site frustrates gray haired old people and I looked to this site for just some kind of Positive input without spending hours perusing the IRS site.  Oh well I will continue to ask my stupid questions because I tell all of my clients there is no such thing as a stupid question and I truly believe that!  Have a Blessed Easter and I don't care if I offend anyone with that statement!

[jeffrey]

It's not the stupid questions. It's the stupid replies that are wasting the time of professionals that work. irs.gov is a great site, as well as Tax Book and many other resources. The problem is the people that obviously don't have work to do and make stupid coments that clog up the site. My intention was to get the ear of the Intuit to allow the override so we could e-file returns and get our faithful clients the money they are owed.

I am done with this post, as it has consumed more of my time than I have.

[abctax55]

@jeffrey   "My intention was to get the ear of the Intuit"

Then you should contact Intuit directly, as this is NOT Intuit support. 99.9% of the folks here volunteer their time to try to help out fellow professional tax preparers.  The fact we joke a bit is a stress relief and fully within in the rules governing this place.

As far as "not busy" - I'd more than happy to compare work schedule/loads with you.  Pick the time/place.  Oh, never mind - you said you're done with this place. 

Enjoy the rest of another extended filing season.

[dkh]

@abctax55   make it two tonight         and by the way  have you heard this one

A horse walked into a bar and the bartender says....why such a long face.

We can work hard and have some fun!!!!

[TaxGuyBill]

Drake just updated it today, so hopefully Intuit will be updated this upcoming week or so.

https://kb.drakesoftware.com/Site/Browse/17177/Form-8962-Advanced-Premium-Tax-Credit-Repayment-ARPA

[abctax55]

I heard another provider is updating by Monday.

So the dam has broken; let's see if I can get that back-log I'm sitting on finalized by 4/15 (as most if not all of them have estimates due).

[pamdory]

I was just talking to a colleague who's run a few of her APTC returns through the Drake update but it's unclear if it's handling the self-employed health insurance correctly.  

Since I can't find IRS's actual guidance, how do we know how SEHI is going to interact with the new provision.  

[abctax55]

@pamdory 

THAT is one big issue for me.  Most of my stockpiled returns have that interaction.

And I am *not* going to be leading the pack to file ASAP after an update of this magnitude.  If there aren't some issues, I'll be very surprised.

[pamdory]

I posted the article from Drake here

https://proconnect.intuit.com/community/lacerte-tax-discussions/discussion/it-sounds-like-we-re-clos...

 From talking to folks using Drake, they input more info to make the SEHI & PTC work together.  Meaning that Intuit probably has more engineering to do to update all the things it does behind the scenes.  

I agree, I'd be happy with an update any time this week, as long as it's right.

[greenfarms]

Just want to let you know the Premium tax credit is installed and working.  I also learned this week that you should use the Refresh Updates option under the Update tab as that does a more thorough update!  Just a note it does take a little longer to run!

Have an awesome week!

[jeffrey]

Thank you for the valuable information. I wonder why ProSeries did not mention it in an Alert. Instead I had to suffer through all the BS from the people on this website, that have too much time on their hand and post useless crap.

[The_AntiTax_Man]

@jeffrey  Its like panning for gold,  every once in awhile you find a gold nugget.  You pan, and pan, and pan, thinking why am I doing this?  And then all of a sudden you find something really good. 

This site is the most poorly planned and chaotic site I have ever seen.  It could be so much better.  I guess it explains why PS software is the way it is.   TGIF Jeffrey!

[jeffrey]

Update, Incorrect data flowing to 1040. It will not work for Self Employed. The software has the correct amount in the Sch k-1 Wks for S-corp. The correct amount is listed. Then on Schedule 1 it is i$9,000 (approx) higher. When you do a cross reference it shows the correct amount but the wrong amount is on line 16 of the 1040.

No wonder ProSeries didn't announce that it is fixed, they only 1/2 fixed it, they took the premium tax credit payback out of the sch 1, but then it messed up the SE Health deduction.

[The_AntiTax_Man]

Close, but no cigar?

[tonycpa]

ProSeries reduces QBI(on a Sch C at least) by the amount of the excess advance premium tax credit repayment that is not required to be paid back to the IRS.

This appears to be an error to me.

[The_AntiTax_Man]

Can Intuit weigh in on this @IntuitAustin ?  @IntuitCharlene ?