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    #1

    Premium Tax Credit

    Has anyone heard when the IRS is going correct Form 8962 (Premium Tax Credit) due to the March 11, American Rescue Plan Act.
    I have lots of returns that already been sent in, plus holding the rest for the update.
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    #2
    I haven't heard anything about this. Someone please respond. I just had one the other day.
    Last edited by BOB W; 03-31-2021, 06:16 PM.
    This post is for discussion purposes only and should be verified with other sources before actual use.

    Many times I post additional info on the post, Click on "message board" for updated content.

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      #3
      Originally posted by BOB W View Post
      I haven't heard anything about this. Someone please respond. I just had one the other day.
      Haven't heard about when the IRS fix will occur or what the issue is? If the latter, a PTC balance due gets it slate wiped clean for 2020. No balance due as a resultof the changes enacted by the ARPLA. My software (ProSystem FX) hasn't released the updated software changes yet so a client or two of mine can't file yet.

      On a hold pattern, circling the airport , and just waiting for clearance to land.
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        #4
        Just got a update on my software--this is how they are handling the PTC

        Form 8962
        The American Rescue Plan Act, enacted on March 11, 2021, waives the repayment of
        excess advance payment of the premium tax credit. Because this return has excess
        advance payment of the premium tax credit, Form 8962 is not required and has been
        suppressed on this return.

        Haven't seen anything from the IRS, however, I suppose if your software hasn't been updated for Form 8962. and you wanted to send
        in the return, you probably could just delete the Form 8962 if you have excess advance payment on it. (Just my opinion)

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          #5
          Haven't heard anything from Uncle Sam, however Drake, my software is already updated. I filed my first return with the excess advance payment waived, two days ago. It says on the form "DO NOT FILE FORM 8962 WITH RETURN. EXCESS APTC REPAY IS NOT REQUIRED FOR 2020"
          I did not delete the form.
          It went through
          Brian
          Everybody should pay his income tax with a smile. I tried it, but they wanted cash

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