Excess PTC on Form 8962 does not seem to be carrying over To Schedule 2 ?

[CoachGeorge]

Taxpayers are above 401% of FPL income limit, but Form 8962 is not carrying over Excess Premium Tax Credit

[IRonMaN]

Retroactive tax law you might have heard about ---------- folks don't have to pay back the credits.

[Camp1040]

That question has to planted by someone........it can't be true! Can it?

I'm not king of the questions, but....

[Just-Lisa-Now-]

Im rather dumbfounded at how many tax professionals had no clue this law changed several weeks ago...soooo many of us have been waiting impatiently for the update, when we could have been oblivious to the change and gone about our lives with one less worry.

[PATAX]

I wonder if he is even a tax preparer? Just wondering and just my opinion...

[PATAX]

What is  scarier is if they're actually preparing returns.... just my opinion

[CoachGeorge]

Been helping out another CPA firm which uses UltraTax.!

That software has been carrying over excess PTC and adding to clients' tax liabiliy. Have not seen what you suggested.

[IRonMaN]

Solved: Updates on the APTC repayment suspension - Intuit Accountants Community

[PATAX]

Coach George, please don't take this the wrong way.... If what you say is true , then why don't you ask that question on Ultra Tax forum instead of asking it here on a pro series forum? ...Just wondering and just my opinion

[dkh]

Preparing taxes requires keeping up on the tax laws which requires following politics which requires following the news.      Sometimes I have a hard time finding time to go to the bathroom during tax season let alone do all of the above.   In other words, I can see how some preparers are oblivious to big changes that happen during tax season.  Doesn't excuse them from keeping in the know.

[sjrcpa]

Probably because the last time I looked the Thomson Reuters forum sucks far worse than this one does.

[sjrcpa]

Lisa - I checked in to my state CPA society forum today. Someone had posted today's IRS notice IR-2021-84 about this, with the title "Who Knew?"

SMH

[sjrcpa]

@dkh I have always considered it a part of the job to keep up on tax changes. Apparently there are lots of people who don't.

[dkh]

Not sure what's scarier - tax preparers that don't keep up to date with the tax law changes or taxpayers that think they know enough to prepare their own SCorp, LLC, 1040 w/APTC, etc   just because they can buy the software.

[rbynaker]

Well said @dkh .  IMO that's one of the biggest problems with this tax season.  I'm having to spend a lot of time trying to keep up with day-to-day developments when I could be spending that time preparing tax returns incorrectly instead. 🙂

It's never a good idea to rely on the software anyway but especially this year, I guarantee that every piece of tax software on the market has been doing something wrong at some point in this tax season.  I have a spreadsheet I use to calculate the tax result that I expect the tax software to have.  If they don't match then between me and the software one or both of us has done something wrong.  Either entered something wrong, did the math wrong, misunderstood the law or sometimes all of the above.

Being that we're in what I call the "misinformation era", most "news" is at the very least incomplete, possibly misleading, and sometimes just downright incorrect.  So even after I read an article I have to validate it with other sources.  And with a lot of the new stuff there aren't always other valid sources because we really just don't know yet (especially when it comes to states).

Today's example:  VA Tax announced the postponed deadline to file and pay of 5/17.  Prior to this week we were waiting on the General Assembly to meet and pass a law that gave the Governor authority to waive interest charges in a disaster area.  I assume that since VA Tax sent out the bulletin today that the bill was passed by the legislature and signed by the governor.  But I haven't verified that yet (and don't really need to until after 4/15).  The email came into my inbox today so it still has to go through triage.  What priority is this, does it affect anything I'm doing today, does it change the priority of anything I was planning on doing today or this weekend?

Has anyone found a mental health facility that specializes in tax accountants?  (I'm probably kidding.  Or maybe I'm still at step 0 on the road to recovery and not ready to admit that I have a problem!)

[abctax55]

"...Has anyone found a mental health facility that specializes in tax accountants? "

Rick, we do need to find one.  And it *better* serve good tequila !

Well said - our procedures are similar. 

I've worked alone for much of my career.  MY approach has always been to 1) determine the answer I expect.  Determine it a second time using a different method/approach.

See it the answers match.  

Rinse/repeat as necessary.

[abctax55]

@ All the other posters....

I agree with you all.  My mind is boggled by the overall lack of awareness, and it's scary.  It also makes me wonder why I try so hard/care so much about 'getting it right'.

[CoachGeorge]

Thanks fellow ProSeries users for the explanations, even the ones with snarky remarks attached.

Hadn't had occasion to read all 5,000 pages of the new bill, and the only Form 8962's I've dealt with so far were ones where the client had more credit coming, not ones having to repay (supposedly). Then with UltraTax not having updated their software yet (even as we speak by the way) and having used it far more than ProSeries so far this season, I guess you people in the glass houses can fire away your stones !!

Thanks again.

[abctax55]

The fact *we* don't live in glass houses is exactly why *we* knew this was going on.

I've been sitting a a full lateral file drawer of returns with this issue since well before March 11th as there was a lot of professional chatter about the possibility. 

[CoachGeorge]

I didn't ask on an UltraTax Forum because that is not my software, but rather the other CPA firm's that I've been helping out this Spring.

ProSeries is my personal software so that's why I asked here. By the way, the other firm has now contacted UltraTax about the glitch, they acknowledged it but said they've been too busy to update it yet.

Go figure.

[PATAX]

Like a true coach, you come back fighting... I give you credit, even though I am just a nerd, albeit a physically fit one...🤓💪

[shyanne-2]

did not mean to cheer---gonna be a looong day

[PATAX]

You sure are right about that, another long day... I hope that vehicle in your user picture is all wheel drive...🤓👍

[shyanne-2]

Yup! that the only kind that works around here in the winter!

[qbteachmt]

"Hadn't had occasion to read all 5,000 pages of the new bill,"

You don't have to; you'll get to each section as you need to know it. But this has been all over the TV news and the internet. And you really need to know about some of these provisions right now; not later, when you finally have time to read.

I like to read "consumer-grade" articles, because they give great impact summaries without the geek-speak. Such as:

https://www.investopedia.com/american-rescue-plan-definition-5095694

https://www.investopedia.com/everything-to-know-about-individual-2020-taxes-4775907

[CoachGeorge]

Thanks for the links !

Unemployment exemption all over the news here, PTC not so much.