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The American Rescue Plan, signed into law on March 11, 2021, includes a provision that eliminates the requirement to repay excess advance premium tax credits for tax year 2020. Put simply, you won’t owe the IRS anything if you received more PTC that you were eligible for.

When was the TaxAct program updated for this new provision?

TaxAct Online, TaxAct Professional version 1.13, and TaxAct Consumer Desktop version 1.12, were updated on April 8, 2021.

What if I filed my 2020 return before the program update?

You do not need to file an amended return or contact the IRS. The IRS will automatically reduce the excess advance premium tax credit repayment to zero and reimburse you if you’ve already repaid the excess amount.

I received an IRS letter for a missing Form 8962 – what do I need to do?

If your return included the excess advance premium tax credit repayment, then you may disregard the IRS letter. The IRS will process your return without Form 8962.

If your return included the net premium tax credit, then follow the instructions in the letter and send Form 8962 to the IRS so they can process your return.

I haven’t filed yet – what do I need to do?

Follow the Q&A steps in the program to enter your health insurance information, including any Form 1095-A you received. TaxAct will automatically determine any net premium tax credit or excess advance premium tax credit repayment. If there is excess advance premium tax credit, the repayment will not be included on your return.

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