I think I found a major problem with TT2020. I have the Deluxe edition, running on a PC with Windows10. I had a nice tax refund due me for 2020 wo I filed early March. Why wait, right? I received my refund pretty promptly and thought everything was hunky dory. for some reason, I opened my file in May. It downloaded the updates. All of a sudden, my numbers were all wrong and my refund was about $1200 more than I had filed for and received. It seems what happened is on March 11, President Biden signed the American Rescue Plan (ARP) which changed the income tax laws. In my case, I was issued a 1095-A by NY because I had a few months of medical insurance before my Medicare kicked in and I no longer needed it. TurboTax then generated a Form 8962 and fed the data to Schedule 2. Before the ARP, the $1200 Excess Advance Premium Tax Credit would have been added to my total taxes. But the ARP ELIMINATED THAT from 2020-2022. So my new tax form showed I should have been refunded $1200 more and I had to file an amended return.
The problem is, I had to figure this out myself and it took a hell of a long time. If I hadn't reopened the program after ARP and I hadn't noticed that my numbers were different, I would have lost that $1200. Maybe the IRS would have picked this up and issued me the refund without me amending. tBut that's not what I pay Intuit for when I purchased the program. I should have received some sort of electronic notification or as soon as I started up the program it should have told me about the new numbers and told me to refile an amended. I am really kind of pissed.
So buyer beware. If you received a 1095-A for last year, make sure you reopen TT and see if your numbers jive. And if anyone at Intuit is reading this, what is your response.
Thanks,
Dave Schwartz
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no amended return was required if you originally repaid the excess premium tax credits. the IRS would automatically fix this and issue a refund. as a matter of fact, the IRS did not want amended returns filed for this or for other changes as the result of the tax act. hopefully yo got your $1200 by now because filing an amended return could actually have delayed payment.
from the IRS
The new law suspends the requirement to repay 2020 excess APTC. This means that taxpayers with excess APTC for 2020 do not need to report the excess APTC or file Form 8962. The IRS will automatically reduce the repayment amount to zero. In addition, the agency will automatically reimburse anyone who has already repaid their 2020 excess APTC.
If you check your email you should see one from TT at the end of march or sometime in April when the IRS finally posted information on the PTC correction and that they will automatically recompute the return AFTER they issue the original refund. They are currently working on millions of returns that needed to be recomputed so just sit tight until the IRS gets around to processing your second refund. Do NOT make things worse by sending in an amended return for this issue.
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