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Repayment of excess advance premium tax credit?

Heather M
Level 1

Has any one figured out a way to elect out of the repayment, or are we still waiting on an update from proseries?

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8 Comments 8
IRonMaN
Level 15

There was an update a couple of days ago.  Go to your computer start menu and click on ProSeries and then click repair updates -------- unless you just haven't run an update in the last couple of days.


Slava Ukraini!
jeffmcpa2010
Level 11

I just opened a previously filed return and it shows that change and pulls up a 1040X showing the reduction in tax. The amount of excess credit repayment is gone from schedule 2.

Ive been doing some "Google Research" and I cannot tell if the IRS has issued the expected guidance on this issue: re: whether to amend, or wait and see if the IRS is able to make automatic changes - like they are supposedly doing for the Unemployment.

 

 

dkh
Level 15
jeffmcpa2010
Level 11

DHK

Thankyou for that - I actually got to call a client today and tell them not to mail that $5K + check!

I enjoy those phone calls and really made her weekend as well.

qbteachmt
Level 15

"and I cannot tell if the IRS has issued the expected guidance on this issue"

You don't need Google.

Are you signed up for e-newsletters? These come directly to you at the same time they post it on the web.

https://public.govdelivery.com/accounts/USIRS/subscriber/new?preferences=true

 

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"Level Up" is a gaming function, not a real life function.
SID1
Level 1

Any update on the treatment of repay excess advance payments of the 2019 Excess Premium Tax Credit.

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abctax55
Level 15

For 2019 - there were no changes.  

For 2020 - there were changes.

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

That's a pretty excellent update. 😀


Slava Ukraini!