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ACA Users - Change to PTC true-up

Hey folks!
I filed my taxes electronically - and then realized the provider did not true-up my ACA premiums. Turns out, that was correct. The American Rescue Plan Act of 2021 suspends the requirement that taxpayers increase their tax liability by all or a portion of their excess advance payments of the Premium Tax Credit (excess APTC) for tax year 2020. A taxpayer's excess APTC is the amount by which the taxpayer's advance payments of the Premium Tax Credit (APTC) exceed his or her Premium Tax Credit (PTC).

https://www.irs.gov/newsroom/irs-suspends-requirement-to-repay-excess-advance-payments-of-the-2020-premium-tax-credit-those-claiming-net-premium-tax-credit-must-file-form-8962

Comments

  • Good link.

    Even better, if your software was flaky and did true-up the premiums, the IRS will fix it for you. From the cited page:
    Taxpayers who have already filed their 2020 tax return and who have excess APTC for 2020 do not need to file an amended tax return or contact the IRS. The IRS will reduce the excess APTC repayment amount to zero with no further action needed by the taxpayer. The IRS will reimburse people who have already repaid any excess advance Premium Tax Credit on their 2020 tax return.
  • edited May 5
    Hopefully.... received refund 3/23....still waiting for my reimbursement.

    ADD: How about that... showed up the next day after this post!
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