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Excess premium tax credits

For 2020, my son and daughter received refunds from the federal government for Excess advance premium tax credit repayments. They each have California health exchange health plans.  I checked their tax returns and noticed that Turbo Tax had not filled out a Schedule 2 for that year. For tax year 2019, it did fill a Schedule 2, as well as for tax year 2018. I don't believe they should have received the refunds  because they paid the minimum monthly premiums and due to their salaries, would have owed additional money. What happened?  

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Excess premium tax credits

You missed the big news in March ... the tax law change made the repayment of the PTC not required for 2020.     

View solution in original post

Excess premium tax credits

See this IRS website for excess advance payments of the premium tax credit for 2020 - https://www.irs.gov/affordable-care-act/individuals-and-families/the-premium-tax-credit-the-basics

 

IRS Suspends Requirement to Repay Excess Advance Payments of the 2020 Premium Tax Credit

If you have excess advance payments of the premium tax credit for 2020 (excess APTC), you are not required to report the excess APTC on your 2020 tax return or file Form 8962, Premium Tax Credit.

If you claim a net Premium Tax Credit for 2020, you must file Form 8962.

If you already filed a 2020 return and reported excess APTC or made an excess APTC repayment, you don’t need to file an amended return or take any other action.

View solution in original post

3 Replies

Excess premium tax credits

You missed the big news in March ... the tax law change made the repayment of the PTC not required for 2020.     

Excess premium tax credits

See this IRS website for excess advance payments of the premium tax credit for 2020 - https://www.irs.gov/affordable-care-act/individuals-and-families/the-premium-tax-credit-the-basics

 

IRS Suspends Requirement to Repay Excess Advance Payments of the 2020 Premium Tax Credit

If you have excess advance payments of the premium tax credit for 2020 (excess APTC), you are not required to report the excess APTC on your 2020 tax return or file Form 8962, Premium Tax Credit.

If you claim a net Premium Tax Credit for 2020, you must file Form 8962.

If you already filed a 2020 return and reported excess APTC or made an excess APTC repayment, you don’t need to file an amended return or take any other action.

Excess premium tax credits

2019 excess PTC are not reported as income on schedule 2 but excess credits to be repaid are on schedule 3, 2018 on schedule 4

 

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