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PTC Repayment rule

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PTC Repayment rule

kevinkcpa

The American Rescue Plan Act contained a provision that the PTC repayment did not have to be made unless the taxpayer's income was over 400% of poverty.  This was in section 9662 of the act.  Will Lacerte be updated the program to fix this calculation?

Status: New
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Vote now if this is a good idea
4 Comments
abctax55
Level 15

I'm sure they will.... just as soon as they deal with the UIC exclusion.

CJR
Level 3

Came here for this exact reason...seems many have glossed over this detail to focus on the unemployment.  Yay for more amended returns

steven1900
Level 1

I just listened to the Tax Speaker today and he was talking about a superseding return. That may make an amended return unnecessary. 

pamdory
Level 5

My reading of the text of section 9662, and 36B(f)(2)(B) that it modifies, makes me think there isn't an income limit for the repayment holiday.  

But I do get a bit cross-eyed reading law. 

It will be interesting to see what IRS guidance looks like.

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