I'm using TurboTax Premier 2020 for Mac. Per www.aspe.hhs.gov the 2020 poverty level for one person household is 12,760. The amount TurboTax is showing on 2020 Form 8962 is the 2019 Federal Poverty Level of 12,490. This is a huge error and can adversely affect anyone who gets the Affordable Care Act Premium Tax Credit.
Actually, TurboTax is correct in following the IRS instructions by using the Federal 2019 numbers for poverty levels.
"Check the box to indicate your state of residence in 2020. Enter on line 4 the amount from Table 1-1, 1-2, or 1-3 that represents the federal poverty line for your state of residence for the family size you entered on line 1 of Form 8962. (For 2020, the 2019 federal poverty lines are used for this purpose and are shown below.)[emphasis mine]" See IRS Instructions for form 8962.
There is no error in form 8962.
TurboTax support confirmed there is a known error in the poverty level tables for form 8962 but gives no indication of timeline for correction. USERS BEWARE!!! Anyone filing form 8962 for the Affordable Care Act Premium Tax Credit will probably be overtaxed. The error on my return results in taxes in excess of $7000.
Actually, TurboTax is correct in following the IRS instructions by using the Federal 2019 numbers for poverty levels.
"Check the box to indicate your state of residence in 2020. Enter on line 4 the amount from Table 1-1, 1-2, or 1-3 that represents the federal poverty line for your state of residence for the family size you entered on line 1 of Form 8962. (For 2020, the 2019 federal poverty lines are used for this purpose and are shown below.)[emphasis mine]" See IRS Instructions for form 8962.
There is no error in form 8962.