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Form 8962 line 29 not posting to Sch 2

Car Guy
Level 2

Premium tax credit repayment of $1600 is calculated on form 8962, line 29, but is not posting to Schedule 2, line 2. It seems to be an error, but I can't seem to correct it.

 

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abctax55
Level 15

As of March 11, 2021 the Congress said it wasn't necessary.

As of yesterday, the IRS & the software was finally updated to reflect that retroactive change. 

Former Chump..umm... AllStar...This message was typed from 6 feet away so you can safely read it immediately.

If a post answers your question, click on *Accept as solution* for future searches

View solution in original post

18 Replies 18
abctax55
Level 15

As of March 11, 2021 the Congress said it wasn't necessary.

As of yesterday, the IRS & the software was finally updated to reflect that retroactive change. 

Former Chump..umm... AllStar...This message was typed from 6 feet away so you can safely read it immediately.

If a post answers your question, click on *Accept as solution* for future searches

View solution in original post

chasetax
Level 7

just so you know, the penalty or repayment requirement was waived for 2020 and was just updated yesterday-you may wish to check for other threads on this subject

Just-Lisa-Now-
Level 15
Level 15

You may also want to query your client list for anyone with marketplace insurance thats already been filed, many people may have paybacks that can be refunded.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
PATAX
Level 10

Car Guy, Pro Series is Computing everything correctly... The penalty shows on the form 8962.. But it does not transfer to schedule 2  since there is no penalty... I completed one this morning and it is correct...

dbelling
Level 3

I have the same issue but unable to efile the return....how were you able to efile with APTC corrected for form 8962...

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PATAX
Level 10

Db, what error message is showing?

dbelling
Level 3

it says...form 8962 Premium Tax Credit Liab.the recently enacted American Rescue Plan suspended the requirement to payback excess PTC received.  The product is still being updating to exclude the repayment from the self employed health care calculation.

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PATAX
Level 10

DB it is the self-employed Health deduction part that is holding up that return... If there was not that then it should have been okay... Just my opinion

dbelling
Level 3

so the APTC is still showing up on line 16 of Part II adjustments to income...that should also be zero...but software is not correctly handling this 

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Just-Lisa-Now-
Level 15
Level 15
which is why you're seeing an error....if SEHI is involved, its not doing the calculations correctly.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
dbelling
Level 3

I finally figured it out...remove the link to the business of the excess ptc and the return passes efiling..

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Just-Lisa-Now-
Level 15
Level 15
did you remember to input the amount actually paid for health insurance, so that the client will get some SEHI deduction?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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dbelling
Level 3

thank you so much...yes and i appreciate your input.

IRonMaN
Level 15

This post and the many similar ones just go to prove once and for all, good news does not travel fast.

I'm keeping this job. But I am selling surplus anvils on the side. If you are interested please call 867-5309
chasetax
Level 7

@IRonMaN I've been working too hard---just understood your phone number--i think i've lost my sense of humor as well as smell and taste from covid

IRonMaN
Level 15

@chasetax  - I'm very concerned about the loss of your sense of humor.  I'll have Jenny give you a call to see if we can help you regain that very critical sense.

I'm keeping this job. But I am selling surplus anvils on the side. If you are interested please call 867-5309
Car Guy
Level 2

Thank you all for your helpful responses! I missed the 3/11/21 IRS Notice. I can move on with peace of mind!

 

qbteachmt
Level 15

Just for clarification:

"I missed the 3/11/21 IRS Notice."

You realize this is the $1.9 Trillion Bill that has this and a ton of other Tax Provisions? It's not just APTC that changed. It's a bit more than just a "notice." It seems you have some homework to do 🙂

 

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