Using the 2021 downloaded Turbotax version, when I prepare Form 8962 to determine how much of the monthly advance premium tax credit I need to repay, I'm wondering if it is being calculated correctly. My income increased significantly during the year and I assumed I would need to repay all of the advance premium tax credit.
Line 5 of the form is showing 401% which is correct, since my AGI is well over 401% of the appropriate poverty level amount.
Line 47 shows Excess Advance Payment of PTC of $14,406 which is correct.
However, Line 28 is showing a Repayment Limitation of $2,700 even though the instructions indicate that if Line 5 is 400 or more then Line 28 should be left blank.
Am I missing something here or does it look like TurboTax is erroneously limiting my repayment?
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You're correct that if your 2021 AGI >400% FPL then your repayment obligation is the full PTC. Unfortunately TurboTax seems to be erroneously calculating repayment using the 300-400% FPL bracket of $1350 single / $2700 married. There are a number of threads discussing this issue and there was acknowledgement yesterday that it's being investigated.
Thank you. It would have been nice to have been wrong about this, but I'd rather file correctly and pay now rather than pay later.
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