form 8962

[bwallcpa]

So I just exited a return at 5:30 with a $2,700 repayment of a premium tax credit.  The client was to still receive a $3,763 refund.  I went to efile a few returns and ran an update first. NOW, the $2,700 repayment is missing off Schedule 2 and the 1040 shows a refund of $6,163.  The form 8962 is still completed and indicates the $2,700 repayment.  For some reason, it is no longer connnected to the return.  Be careful efiling until Proseries runs an update to fix the screw-up

[TAXOH]

It's not a screw-up.   It is correct now.

[bwallcpa]

It is not correct now.  The owe the $2,700 repayment.  It was correct before the update.

[TAXOH]

https://www.irs.gov/affordable-care-act/individuals-and-families/the-premium-tax-credit-the-basics

[pamdory]

The American Rescue Plan Act, passed March 11, 2021 removes the repayment of excess APTC.

It's an important piece of law you may want to review.