IRS form 8962 indicate that the result should be sent to schedule 2 not schedule 5 as turbotax suggest ....whats up with this?

[HelenaC]

If form 8962 Premium Tax Credit (PTC) Line 26, has a Net premium tax credit, the amount flows to Schedule 5.

If form 8962 Premium Tax Credit (PTC)  Line 29, has an Excess advance premium tax credit repayment, the amount flows to Schedule 2. 

See the screenshot below.

Related information:

• What is the Premium Tax Credit?
• Should I take the Premium Tax Credit in advance as a monthly subsidy?

[mariostt]

My form 8962 Premium Tax Credit (PTC)  Line 29, has an Excess advance premium tax credit repayment but the amount is not showing on Schedule 2 (line 2) therefore is not showing on form 1040 (line 17). this is causing that I the amount I owe to federal is less than it should be. How can I fix this problem. Please help

[DawnC]

The IRS has waived the requirement to repay the Advance Premium Tax Credit (APTC).   You do not have to repay the amount, so you can safely file and rest assured your tax return is correct.   The IRS released this statement today which clarifies the amount should not be transferred to Line 17 of Form 1040.    @mariostt

The Internal Revenue Service announced today that taxpayers with excess APTC for 2020 are not required to file Form 8962, Premium Tax Credit, or report an excess advance Premium Tax Credit repayment on their 2020 Form 1040 or Form 1040-SR, Schedule 2, Line 2, when they file.

[mariostt]

Thank you so much!