The American Rescue Plan Act waives any ACA premium credits owed in 2020 but TT desktop still shows I owe $300. When will this be updated?

[DoninGA]

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@musicmafia wrote:

I just wanted to confirm that Turbo Tax Premier Desktop has been updated and no longer shows any payments due for the premium tax credits. Hopefully this is now working in all versions. Thanks.

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The TurboTax software across all platforms, online and desktop, was updated for the Premium Tax Credit adjustment, as defined by the IRS, on 04/08/2021.

IRS website for the Premium Tax Credit adjustment - https://www.irs.gov/newsroom/irs-suspends-requirement-to-repay-excess-advance-payments-of-the-2020-p...

[Lori42]

Not for me. I'm using Turbo Tax Desktop Deluxe 2020 and on May 2nd it still says I need to wait to file " Your new tax break might affect how you file. You get additional tax relief as part of the American Rescue Plan because you told us you took an Advance Premium Tax Credit. We're working with the IRS on changes required for those who got this tax relief and were self-employed last year. We recommend you wait to file while we work on making these changes." It goes on to say they expect to have everything updated by the end of April and they will notify me by email when it's ready (they haven't). I keep going to the Menu choosing Online - checking for Updates. I close the Turbo Tax program and reopen it nothing gets me an update. 

[Critter-3]

Open TurboTax and select Check for Updates from the Online menu near the top. On a Mac, simply quit and reopen TurboTax. If there are any updates, you'll be prompted to download them.

Tips:

• It's best to use a wired, high-speed connection when updating, both to save time and minimize data corruption.
• If your connection drops in the middle of the update, try again; it should pick up where it left off.
• If you're having trouble updating on your PC, try a manual update.

Related Information:

• Troubleshoot TurboTax for Windows updating issues
• Troubleshoot TurboTax for Mac updating issues
• What is a manual update?

[Lori42]

Yes - I've done that as recently as just before posting - I still have the same message.

[Critter-3]

If you are using the WIN 10 OS then make sure you have installed all the updates ... run them at least 3 times and reboot the computer as well.   Then try a manual update.  

[Lori42]

ok but there is no manual update for State

[Critter-3]

Try deleting  the state and reinstalling it fresh. 

[musicmafia]

I use Desktop Premier and it is completely updated for Fed and State. 

Even if your state has it's own health insurance exchange (as mine does), the subsidies come from the federal government, so I would think that any repayment of those subsidies would only be due to the feds, not the state. 

[Lori42]

I did the manual update (May 3rd) and I still get the same message. I'm using Turbo Tax Desktop Deluxe 2020 and as of May 3rd it still says I need to wait to file " Your new tax break might affect how you file. You get additional tax relief as part of the American Rescue Plan because you told us you took an Advance Premium Tax Credit. We're working with the IRS on changes required for those who got this tax relief and were self-employed last year. We recommend you wait to file while we work on making these changes." It goes on to say they expect to have everything updated by the end of April and they will notify me by email when it's ready (they haven't).  

[itgeo]

I am having the same issue with TT Home & Business for the Mac (May 3rd, 2021).

Review Analysis reports: "Wait to file while we work to make updates of your federal return...." .  TurboTax is running the most recent build updated April 29th, 2021 9:47:45 AM.

[Critter-3]

The best and most efficient way for you to connect with the right person to get the help you need is to select the version you are using below.

We're open daily from 5 AM to 9 PM PT.

TurboTax Online

TurboTax mobile app

TurboTax CD/Download software

[MarkE1]

I'm also still having the same issue using downloaded version on Mac (home & business).

[FairWarning]

Not working for me yet either.   Called TT and talked to rep.  He stated the update has not yet been rolled out. He also looked at my TT remotely to insure I was up to date (and I am) and to make sure he understood the issue.

Will try again in a week (or every day!) in the hopes the update is out SOON.   Tried the manual update and that did not work either. (https://ttlc.intuit.com/community/updating/help/manually-update-turbotax-for-windows-soft[product ke...)

[joewh]

Has the change been implemented on the Home and Business version.  On May 4 my version states it is at the latest version, but when I get to the summary screen I receive the tax break message and it asks me if I want to wait or to file.  Will my return be accepted if filed?

[FairWarning]

My understanding, from talking with the rep, is that no updates have been rolled out for any version. But, who knows? As some here have stated it works for them.  Reading the IRS page, it stated you can just not file form 8692, which is the premium tax credit information form, which would remove the amount owed I would think. They also state if you file 8692 that they will ignore and refund you what it reads.   I would prefer TT works correctly and will try for updates until the last tax filing date, of May 17.