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premium tax credit. E-filed a return with a repayment of 11,086. after transmitting and accepted the return came back showing the taxpayer was receiving a refund of 11,052. has anyone else experienced this?

TM921
Level 1

premium tax credit automatically adjusted after I hade transmitted the return. Instead of owing he now gets  a refund of over 11052. Anyone else experienced this? it just occurred  today.

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sjrcpa
Level 15

Yes they just updated the software for the 2020 law change.


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5 Comments 5
sjrcpa
Level 15

Yes they just updated the software for the 2020 law change.


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TM921
Level 1

thanks

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Ernie
Level 9

SJRCPA:  Has the IRS given guidance on if they are going to correct these or if we will have to do an amendment?

Dusty Ernie

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abctax55
Level 15

Dusty, per this....  hurry & wait.   MY concern would be how fast will the IRS act (some of these numbers are HUGE)?  But, an amended return won't be processed any faster.  Jeez, what a friggin' cluster.

https://www.irs.gov/affordable-care-act/individuals-and-families/premium-tax-credit-claiming-the-cre...

"*******Tax software is no substitute for a professional tax preparer*******
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sjrcpa
Level 15

Dusty, Intuit posted this today, too.

Solved: American Rescue Plan in ProSeries Tax - Intuit Accountants Community


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