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tpg05241986
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When will turbo tax be updated to not require repayment of excess premium subsidy per the American rescue plan act?

 
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rjs
Level 15
Level 15

When will turbo tax be updated to not require repayment of excess premium subsidy per the American rescue plan act?

The provision in the American Rescue Plan Act that eliminates repayment of excess advance premium tax credit for 2020 has not yet been implemented in TurboTax or in any other tax software. The IRS has not yet issued revised forms, instructions, and e-file specifications for this provision. The tax software companies can't do anything until they get the information from the IRS on how to handle it.


The ARP Act was only signed a little over a week ago. It contains many tax-related provisions, including several that apply retroactively to 2020 tax returns. It takes time for the IRS to analyze the new law and issue revised forms, instructions, and e-file specifications. Then it takes more time for the software companies to make the changes and test them.


TurboTax cannot give even an estimated date to implement the change until they know when they will get the necessary information from the IRS, and get some idea of what is involved in implementing it.

 

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rjs
Level 15
Level 15

When will turbo tax be updated to not require repayment of excess premium subsidy per the American rescue plan act?

The provision in the American Rescue Plan Act that eliminates repayment of excess advance premium tax credit for 2020 has not yet been implemented in TurboTax or in any other tax software. The IRS has not yet issued revised forms, instructions, and e-file specifications for this provision. The tax software companies can't do anything until they get the information from the IRS on how to handle it.


The ARP Act was only signed a little over a week ago. It contains many tax-related provisions, including several that apply retroactively to 2020 tax returns. It takes time for the IRS to analyze the new law and issue revised forms, instructions, and e-file specifications. Then it takes more time for the software companies to make the changes and test them.


TurboTax cannot give even an estimated date to implement the change until they know when they will get the necessary information from the IRS, and get some idea of what is involved in implementing it.

 

View solution in original post

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