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Repayment of excess advance premium tax credit

LB56
Level 2

Can someone please tell me how to get rid of the excess advance premium tax credit repayment as authorized in the American Rescue Plan Act of 2021? ProSeries told me that form had been updated the same time as the unemployment form, but I'm not seeing it and the penalty/repayment is still there?

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8 Replies 8
Just-Lisa-Now-
Level 15
Level 15

As soon as IRS has updated their forms and systems for this, Intuit will as well...its gonna be a few weeks Im sure.

Not sure how Proseries told you that, none of the software programs have been updated for it yet.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
IRonMaN
Level 15

I'm not sure who told you that since I don't believe the IRS has updated their side of it yet.  You just have to patiently sit with the rest of us on the bench.

Armpit sniffer. Yup, checked out the help wanted ads and found the job. With my nose, how can I go wrong?
LB56
Level 2

Who told me was Customer Service at ProSeries yesterday morning when I called and asked them she said "oh that was updated at the same time as the unemployment -- maybe your updates aren't working" !!

dd4vols
Level 9

maybe the rep was talking about the query to find applicable affected returns. That1099-g query also lists the returns that have the Premium Tax Credit

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The_AntiTax_Man
Level 5

@LB56 I think @dd4vols is likely correct.  If @Just-Lisa-Now-  and @IRonMaN do not have it figured out  yet its not likely the Intuit PS telephone operators have a correct answer as of yet either.  

I like a challenge, but I would also like to finish some things up.  Not yet.

 

"Thank you sir, may I have another! Thank you sir, may I have another! Thank you sir, may I have another!" 

KarmaD
Level 1

Did you find the answer to this.  

I can't get the excess premium tax credit to recalculate based on the new tax law either?

 

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Just-Lisa-Now-
Level 15
Level 15
IRS hasnt offered guidance on how this should be done, so the software hasnt been updated for this yet.

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

ProSeries updated this afternoon and removes the 8962.  The form still populates, but it doesn't carry forward to Schedule 2.  IRS still hasn't published guidance as of this moment.