PTC repayment amount calculation on form 8962 incorrect when MAGI is over 400%

PTC repayment calculation on form 8962 seems to be incorrect when MAGI is over 400%. It calculates the repayment amount equal to the entire advance payment from 1095-A.

My understanding is that American Rescue Plan eliminated the subsidy cliff until 2025 and the total cost (i.e. premium already paid + repayment amount) should be capped to 8.5% of MAGI.

Premium Tax Credit - Beyond the Basics (healthreformbeyondthebasics.org)

TurboTax team, please advise.

Note: This applies to TurboTax Deluxe Desktop edition for 2022.

Thanks.

856

Level 15

Jan 12, 2023 1:55:34 PM

Click Review to see the forms you are waiting for. The one for the PTC is one of them.

Level 4

Jan 12, 2023 1:58:15 PM

Are you referring to "Review" within the software? I do not see the "Review" link on your post.

Level 15

Jan 12, 2023 1:59:36 PM

The form you need is not ready. It may be ready by January 19----subject to change. Re-visit the PTC then.

Level 4

Jan 12, 2023 2:01:00 PM

Is there a link that shows the forms release schedule by TurboTax edition? Thanks.

Level 15

Jan 12, 2023 2:02:14 PM

https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_online_individual.html

Level 15

Jan 12, 2023 2:02:26 PM

@alsn wrote:

Is there a link that shows the forms release schedule by TurboTax edition? Thanks.

Go to this TurboTax website for federal and state forms availability - https://form-status.app.intuit.com/tax-forms-availability/formsavailability?albRedirect=true&product=Turbotax_online&bu=cg

Level 2

Jan 18, 2023 6:23:30 PM

I too am having the same issue. I did not receive any PTC during the year as I elected to receive all of it when I file my 2022 taxes. The form 8962 is not working correctly. To your point, the income cap has been removed through 2025.

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PTC repayment amount calculation on form 8962 incorrect when MAGI is over 400%