I would encourage you to be patient and not file just yet.
While the American Rescue Plan may appear to be clear, it's clear on only a single issue. TurboTax (like other software vendors) has to wait for guidance from the IRS on how to deal with all the other issues that are impacted by this change in the law.
For example, taxpayers who have to repay excess Premium Tax Credit are normally allowed to apply this amount to the Self-employment health insurance deduction on Schedule 1 (1040). Will that still be true when the IRS releases its guidance? TurboTax does this transfer automatically, so we need to know if that will change.
And the values of the Self-employed health insurance deduction and the Self-employed deduction for SIMPLE, SEP, and other retirement plans have a peculiar interaction such that an increase in one may decrease the other.
And there are other situations in which eliminating the PTC repayment will have unpredictable results.
So TurboTax is working with the IRS to get the guidance needed to know how to handle excess Premium Tax Credit repayments.
Please note that this is one of the reasons that the IRS extended the filing deadline to May 17th (June 15th in Texas, Oklahoma, and Louisiana), so that the IRS would have to develop guidance on all the collateral issues and so that software vendors like TurboTax would have the time to implement and test the changes.
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