TurboTax update to 2021 American Rescue Plan

[craveking]

not in my version. what version do you have?

[Mwsanford]

Just checked for updates and my forms haven't changed since this morning.  Do you know if the update is only for the online version?  Has the purchased downloaded version been updated yet?

[craveking]

I have download and online version. The online version is indeed updated for the Advanced Premium Credit. The download version is not updated yet as of a few minutes ago.

[Mwsanford]

Thanks, I appreciate your reply. Hopefully it's just a matter of days until the downloaded version is updated.

[Self Preparer]

I use the online version 

[Self Preparer]

I can only comment on what I used, the online version. I checked this morning and it wasn't updated. When I checked this evening, it was updated and automatically calculated my ACA Credit. 

[geegecko]

Turbo tax desktop undated this morning and it removed the PTC value. Form 1040 Schedule 2 is now gone as Form 8962 as I would expect.

However I now receive an error when I open the return in Tutbo Tax. The error message is as follows:

TurboTax has switched to Forms because there was a problem. If this problem continues, select the 'Click for Solutions" below for more information

Error 25300

The Click for Solution hyperlink opens a blank webpage.

Can anyone assist?

[DoninGA]

@geegecko 

See this TurboTax support FAQ for Error 25300 - https://ttlc.intuit.com/community/bugs-and-error-messages/help/error-25300/01/25731

[Mwsanford]

Desktop version updated this morning and all works well! Thanks for the replies and the heads up! 

[jimgarrison]

I just noticed that the update reflecting the premium tax credit excess repayment is not complete.

The excess premium tax credit that is no longer required to be repaid, is still reflected as an additional medical expense deduction.

Since taxpayers are no longer required to re-pay the excess premium tax credit, this additional amount should NOT still be reflected as an additional medical expense deduction.

[craveking]

great question. 

[LinaJ2020]

 We are still waiting on the IRS.  There is no guidance has been issued yet.  They will provide more details soon.   To read details from the IRS, click here:

https://www.irs.gov/affordable-care-act/individuals-and-families/premium-tax-credit-claiming-the-cre...

@jimgarrison

[jimgarrison]

Then why make any update at all if you "are still waiting on the IRS" ??

To do so is not good for folks who would not catch this issue and assume the update was correct and complete.....the partial/incomplete update issued today was clearly erroneous and this issue was not thought about.

My 2 cents worth.

[tribe0516]

So the software was updated, but then on March 23 IRS clarified that unemployment shouldn't be counted in AGI. They'll need to update again. Otherwise I'll owe more, so I can't file just yet.

[macuser_22]

---

@tribe0516 wrote:

So the software was updated, but then on March 23 IRS clarified that unemployment shouldn't be counted in AGI. They'll need to update again. Otherwise I'll owe more, so I can't file just yet.

---

It depends.  For some things it IS included in AGI and for others it is not.