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COVID relief bill includes a provision (Sec 9662) that eliminates repayment of 2020 subsidy if subsidy exceeds the allowed credit. Will TT change to account for this?
For example, if subsidy of $1,000 per month was applied to ACA premiums, but 2020 income exceeded amount eligible for such subsidy, $12,000 tax would normally be due. Sec 9662 of COVID relief bill eliminates reconciliation of the subsidy and credit, meaning $0 tax would be due for tax year 2020 only.
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March 6, 2021
11:44 AM