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dkna
New Member

Form 1095-A question. Recently the Federal government announced that the tax for this premium is waived due to Covid in 2020. Turbo Tax calculated a tax. Please help.

 
2 Replies
DoninGA
Level 15

Form 1095-A question. Recently the Federal government announced that the tax for this premium is waived due to Covid in 2020. Turbo Tax calculated a tax. Please help.

The TurboTax software has Not been updated for the Premium Tax Credit adjustment since the IRS has not provided guidance as of this date.

 

This is the IRS statement concerning the Premium Tax Credit adjustment - https://www.irs.gov/affordable-care-act/individuals-and-families/the-premium-tax-credit-the-basics

 

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.

dkna
New Member

Form 1095-A question. Recently the Federal government announced that the tax for this premium is waived due to Covid in 2020. Turbo Tax calculated a tax. Please help.

Thank you for the prompt reply. This insight helped me move on with my tax preparation.

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