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Level 1
March 24, 2021
Question

How do we exclude the excess advance premium credit that is being waived for american rescue plan?

  • March 24, 2021
  • 1 reply
  • 11 views

The American Rescue plan has provided a provision that the excess premium tax credit that normally has to be paid back is excluded and will not need to be paid back. How do we implement this provision in ProConnect Tax online software?

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1 reply

Level 6
March 24, 2021

We are still waiting for IRS to issue guidance and release a new Form 8962.

Then Intuit will have to update the software.

I am watching this page https://www.irs.gov/forms-pubs/changes-to-current-forms-publications as I believe this is where IRS will post once they release the guidance.