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Level 3
April 8, 2021

form 8962

  • April 8, 2021
  • 2 replies
  • 17 views

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

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    2 replies

    TAXOH
    Level 10
    April 8, 2021

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

    bwallcpaAuthor
    Level 3
    April 8, 2021

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

    TAXOH
    Level 10
    April 8, 2021
    Level 6
    April 8, 2021

    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.