Form 8962

Forum|Forum|5 years ago
March 31, 2021
2 replies
21 views

Has Lacerte updated the Form 8962 for the waiver of repayment of excess advane payment of PTC under the American Rescue Plan

Lacerte Tax

This topic has been closed for replies.

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TylorValdez1

Level 6

We have not. The IRS has not issued guidance on how to handle the scenario. See https://www.irs.gov/affordable-care-act/individuals-and-families/questions-and-answers-on-the-premium-tax-credit

The only thing we have heard is strictly to not file an amended return for these client.

Genevia

Level 3

We are awaiting update as well for the Premium Tax credit waiver for a number of clients. There appeared to be 2 Lacerte updates today, but does not appear that changes were made. Will await word.

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mtnmom2

Level 3

this is what happens when you only have 1 person figuring out these updates & then can only issue 1 a day (or maybe only 1 per week).

Ok, that's a bit harsh, but preparing Tax returns correctly is OUR livelyhood. We are trying to be patient (our clients....not so much!)

rbynaker

Level 13

There seems to be some movement on this. I've heard through the grapevine that TaxAct has updated their software for this yesterday and Drake is scheduled to do so tomorrow morning. My guess would be that Intuit products would be updated next week.

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Illni

Level 4

For all the fees Lacerte charges us, why are we always the LAST to get software updates? It's embarrassing to go to a forum online and compare software and the cheap software users always gets theirs fixed way before we do.

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TylorValdez1

Level 6

I am not sure what changes you are looking for the in regards to the 8962. The IRS still has not issued guidance, so I am unsure what the other tax software would be changing. We will implement changes to the software once that guidance is issued. Below is all that any tax software vendor has.

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

Check Back for Updates to this Page

"We’re reviewing the tax provisions of the American Rescue Plan Act of 2021, signed into law on March 11, 2021. Taxpayers who filed a 2020 tax return and reported an excess advance premium tax credit repayment on Line 29 of Form 8962, Premium Tax Credit, should not file an amended tax return only to get a refund of this amount. The IRS will provide more details soon. For the latest updates, check IRS.gov/coronavirus."

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