topic Preventing taxpayers who misestimated their income in 2020 from having to repay excess premium ACA tax credits at tax time. in Get your taxes done using TurboTax

Preventing taxpayers who misestimated their income in 2020 from having to repay excess premium ACA tax credits at tax time.

sabreman — Sun, 21 Mar 2021 15:37:28 GMT

When will TurboTax support this? I don't want to file until it's supported because I will have to pay ACA tax credits for 2020.

Re: Preventing taxpayers who misestimated their income in 2020 from having to repay excess premiu...

JohnB5677 — Sun, 21 Mar 2021 15:54:52 GMT

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.

Re: Preventing taxpayers who misestimated their income in 2020 from having to repay excess premiu...

sabreman — Sun, 21 Mar 2021 16:00:39 GMT

Thanks! I am definitely not filing since I would have to pay ACA Tax Credits. I look forward to the updates.