Premium Tax Credit

[Rick Geiger LTC]

Any word on when ProSeries will be updated to reflect the change to the premium tax credit for 2020? I am holding a return for a client that has to repay, but apparently the American Rescue Plan has cancelled any repayment of the PTC for 2020.

[Just-Lisa-Now- · Accepted solution]

Havent heard when IRS will have anything updated for it, Intuit should follow within a week or two of IRS.

[Bonney Lake Taxman]

From what I hear from another EA, who had worked with IRS on the committee with forms.  The process for revising a form is long.  1st the IRS revises the form, then IRS legal takes a look at the revisions, then it goes to Treasury's legal department.  So the entire process is not quick.

[sidnukram]

It would be nice if Intuit would issue an update.  If they are waiting for the IRS then let us know.  I'm very frustrated with them the last three years.  I'm a 25 year user and this may be my last.  

[Rick Geiger LTC]

I agree with the last post. Intuit has been good about informing us of what's happening with the unemployment compensation issue, but I hear nothing but crickets in regards to the Premium Tax Credit issue. I'm just going to sit on this until something happens, hopefully before May 17th...

By the way, I created the original post which is now marked "Solved!"  Really?

[tk]

It is not Lacerte's issue its the IRS

[Joe68]

Don't change!  I did last year.  As you I was mad at Intuit, so I changed.  Worst tax move I have ever made.  Saved a $ or 2, but I have never been on customer support as much as I was with the other company.  I repurchased ProSeries last year after 50 or so return with the other company.  I was never so glad to get back to the old faithful; so I finish the year with ProSeries and never regretted going back to them.  Yes, I still get mad at them, but boy they are by far better than the other program.  So be patient, bite your tongue, and hang in there, it will work in the end. 

PS:  I have been with them a very long time, also: I started when they had a Mac version and they converted me to PC when they quit supporting Apple.

[Just-Lisa-Now-]

This afternoons update fixed the PTC.  I saw a bunch of states update in the download, so maybe they fixed the debit date too?   

[ReggieR]

Still looking for the solution to the repayment cancellation of the Premium Tax Credit. Any idea when it will be resolved?

[Rick Geiger LTC]

It was finally resolved the first part of April.  Form 8962 computes the excess credit received, but it does not flow to Schedule 2 like it normally does.