topic 1095A in Deductions & credits

1095A

bnichols56lee — Sun, 25 Apr 2021 01:04:43 GMT

I've completed my tax return with turbo tax ( not yet filed ) my question is why don't i have to pay back my health tax credit when i know i don't qualify for the credit ? i believe that i owe back $5436 but the TurboTax says i don't have to pay it back ?

Re: 1095A

rjs — Sun, 25 Apr 2021 02:13:13 GMT

The American Rescue Plan Act suspends the requirement to pay back excess Advance Premium Tax Credit for 2020. See the IRS news release at the following link.

IRS suspends requirement to repay excess advance payments of the 2020 Premium Tax Credit

Re: 1095A

bnichols56lee — Mon, 26 Apr 2021 05:32:56 GMT

Thank you ! Any plans for the same for 2021?

Re: 1095A

rjs — Mon, 26 Apr 2021 15:35:47 GMT

@bnichols56lee wrote:

Any plans for the same for 2021?

I haven't seen any mention of a proposal to suspend repayment again for 2021. I think it's unlikely that that would happen. Consider it a one-time benefit.