Update: The IRS has released official guidance regarding the 8962 for Tax Year 2, click here for more information.
As part of the recently passed American Rescue Plan, the requirement to repay excess advanced premium tax credit (APTC) was suspended for tax year 2020.
Lacerte has been updated with the following changes:
For clients who haven't filed a 2020 return yet, and owe excess APTC repayment
• Do not attach Form 8962, Premium Tax Credit.
• Do not include an amount on Form 1040 or Form 1040-SR. Schedule 2, Line 2.
• The IRS will not correspond for a missing Form 8962 or ask for more information if you owe excess APTC for TY2020.
For clients who haven't filed a 2020 return yet, and can claim net premium tax credit (PTC)
• Attach Form 8962, Premium Tax Credit.
• Include the net premium tax credit on Form 1040 or 1040-SR, Schedule 3, Line 8.
Clients whose 2020 returns were already filed with excess APTC repayment
Should not file amended returns only to get a refund of this amount. Check the IRS website regularly for the latest guidance.
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