8962 Line 5 not calculating correctly in Windows Desktop TT

Forum|Forum|4 years ago
January 26, 2022
1 reply
6 views

Help - I've been on the phone for an hour and they are not understanding what I am telling them.

Turbotax Deluxe desktop for Windows. Updated last Thursday 1/20/22

Form 8962.

Line 3 = 213,033 (correct number)

Line 4 = 26,200 (correct number)

Line 5 = 133%

Line 7 = 0

That line 5 calculation is completely wrong and I'm assuming is a miscalculation from Turbotax. This form has been complete for almost 2 months from the IRS and I update software every Thursday. How can I actually get through to Inuit that I am having a problem and it needs to be fixed in the software.

Thanks!

rjs

Level 15

It's not a calculation error. There is nothing that needs to be fixed. You answered Yes to the question that asked whether you or your spouse received or were approved to receive unemployment compensation in 2021. That automatically makes Form 8962 line 5 a fixed value of 133%. It is not calculated from lines 3 and 4. The 133% cutoff is a provision of the American Rescue Plan Act. It applies to 2021 only.

mdwill01Author

Level 2

Thanks Champ. I very much appreciate it. Somehow I missed paragraph 2 on the Line 5 instructions for 8962 where it clearly states that. I guess I need to improve my reading skills! Thanks again.