OK, you guys are all correct. What I missed in the hundreds of pages of the American Rescue Plan was that this particular section applied to 2020, not 2021. Actually, the other sections about the Premium Tax Credit in the plan apply to 2021, but I will admit that this one section didn't.
To address your other questions:
TurboTax is waiting for guidance from the IRS on how they want taxpayers and tax preparation companies to handle the repayment of the Premium Tax Credit.
Just because the law was passed doesn't meant that TurboTax and other vendors have sufficient information on how to code this. The reason there needs to be guidance is because the law does not - indeed, cannot - anticipate all contingencies (like the one below), and Congress counts on the IRS to fill in all the gaps.
So far, we are given to understand by the IRS that taxpayers should not amend their returns yet, because the IRS is considering automatically refunding these amounts (in a way similar to how they say they will refund the taxes on the first $10,200 of unemployment).
However, because any self-employed taxpayers who have Marketplace insurance can deduct excess Premium Tax Credit (PTC) as part of the Self-employed health insurance deduction on line 16 of Schedule 1 (1040), this will have to be changed as well if the excess (PTC) is no longer taxable (if it's not taxable, then it can't be deductible, either).
My point is that this is all a non-trivial exercise since there are potentially many moving parts, and that everyone needs to hold their breath and let the IRS and the tax software vendors work through this.
It's simply not possible for TurboTax to have a release date if we don't even know what the IRS wants us to do.
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