We’re reviewing the tax provisions of the American Rescue Plan Act of 2021, signed into law on March 11, 2021.
Taxpayers who filed a 2020 tax return and reported an excess advance premium tax credit repayment on Line 29 of Form 8962, Premium Tax Credit, should not file an amended tax return only to get a refund of this amount.
The IRS will provide more details soon. For the latest updates, check IRS.gov/coronavirus.
If you've filed your return, do not do anything yet.
If you haven't filed you should hold off. The software updates should be coming out soon.
The IRS strongly urges taxpayers not to file amended returns related to the new legislative provisions or take other unnecessary steps at this time.
TurboTax is developing the software required to process all of the new conditions, and it should be available soon.
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