Form 8962 amount of Excess advance premium tax credit repayment is not flowing to Schedule 2, line 2 & 3 and thus on Form 1040 also. Is there any reason for it or is it Proseries Software's bug/issue?
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It is not a bug... I would suggest that you try to keep current on tax law changes... Read the multitude of other posts concerning this matter on this forum....Please do not take this the wrong way, I am just trying to help you... Just my opinion...
"Is there any reason for it"
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I really appreciate this community section. This year has been unlike any other and I've been preparing returns since 1986, and have been a CPA since 1989. This is the first year I can recall when tax changes have been made DURING tax season (and I know we were in a pandemic last year, and there may have been some changes during last tax season, I just can't think of any off of the top of my tiny pea brain).
First, the change in taxability of the first 10,200 of unemployment income, and now this. I too was trying to figure out why the repayment of the advance premium tax credit was not flowing through, and again, I'm just not used to changes during tax season on the fly from congress.
Anyway, I'm grateful that I could do a search here and get the link from the IRS. I would've figured it out eventually, but this saved me a bit of time.
@plrraz you're so on point with this year being unlike any other year - tax changes during tax season. I've grow used to taking CPE at the end of the year to update me on what's changed. Never thought I'd do some much research during the season to know what I should be doing for the returns I'm currently working on. During a normal tax season, I check this forum every morning to see what problems are being experienced with the software. This year has been to see what crazy changes have happened to tax law.
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