Excess Advance Premium Tax Credit Repayment

Forum|Forum|5 years ago
March 17, 2021
5 replies
16 views

When does Lacerte plan on having a fix so that 2020 returns will no longer be subject to having the excess advance premium tax credit repayment assessed on Schedule 2?

Lacerte Tax

This topic has been closed for replies.

K

Karl

Intuit Community Champion

Wait for tomorrow's update. UI exclusion is the banner flag of ARPA, but Intuit is aware of the ACA penalty abatement. Today's alert had a "wait and see" feel to it regarding UI, mentioning they do many updates on Thursdays. Hopefully we'll see it in there, but if we don't, hopefully an alert will come out soon.

Regardless, tell your clients to sit down, be patient, and shut up. Everything is moving sluggishly right now, so they have to be patient with you while you wait for IRS and then Intuit to issue procedures.

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J

jakeisawesome

Level 3

HAHA, WELL SAID !!!

K

Karl

Intuit Community Champion

Well, we have more info. I've got a diagnostic on one of mine that would have repayment. We're waiting for IRS to update form 8962, then we'll have wait for Lacerte to integrate that update.

I would not attempt to override this. Carry the company line to clients, "Just be patient. Do not ask for personal updates. Expect this to take at least a month. You are on my list to contact when this is resolved."

Good luck!

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Drphibes

Level 6

I thought there were caveats on who can exclude the Premium Tax Credit and who cannot. I had seen a preliminary review of this that had if you had received unemployment you could exclude it. Need the IRS to come out with more clarity on this.

M

maw10401

Level 3

The exclusion of repayment is NOT limited to unemployment recipients only. Per the ARPA, for 2020, the repayment of excess does not apply.

J

jakeisawesome

Level 3

Still no luck as of 4/2/2021. When will Lacerte make the update that is specifically for "Excess advance premium tax credit repayment"? May 17th is not my fav answer.