Am I understanding this correctly, with the passing of the American Rescue Act, for 2020 only, repayment of any excess PTC does not increase the taxpayer's tax liability, the repayment has been suspended. Is this correct and am I just waiting for Pro Series Professional to update Form 8962 to reflect the new tax law. According to the IRS website, any returns filed need to be amended. Any input would be greatly appreciated. tks
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Were all waiting on guidance from IRS.
Okay, thank you.
I've heard the rumors, can't get a straight answer anywhere.
Rumors of what?
You can check the law.
IRS has not updated the form and their efile specs, ergo Intuit can't update the software yet.
"... According to the IRS website, any returns filed need to be amended"
That's incorrect per:
Evidently you don't mean this IRS website which tells you not to file an amended return only to get a refund of the PTC paid on form 8962?
You're being an **bleep**.
And you are being unprofessional by referring to rumors.
I just ran the update for ProSeries Professional this morning and it appears the update has addressed the PTC not being per the American Rescue Plan Act of 2021. What I have noticed though is the 8962 form is not being populated which I believe the IRS requires when you have the PTC. I did a print preview to see if maybe it would just appear for filing, and it does not. Does anyone have any input? tks
Ive been including it in my printouts just for my own information, but this is how IRS has said it should be done....I guess the computers wont be holding refunds of those that forgot to include the 1095A? Seems weird to me as well.
The software fix has been done. Repayments no longer flow to the 1040.
Finally!!!
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