PTC Repayment

[Possi]

5 minutes ago, BulldogTom said:

So, now I have to wait for guidance from CA.   We have our own CA ACA form with its own calculations and it interplays with the 8962.   I have a client who owes APTC for Fed but is due additional CA PTC.    

CA is driving me nuts this year.   Texas, Nevada or Tennessee are looking better and better to me all the time.

Tom
Modesto, CA

Let's ALL move to TN! 

@RitaBjust had a heart attack.....

[Abby Normal]

We enjoyed our stay in TN and plan on returning someday. Not sure I'd want to live there full time, but it is a low cost of living state, so if I'm ever low on funds later in life, who knows!

[RitaB]

4 hours ago, Lion EA said:

But, charge the client for that form!!

Yeah, cause, you know, I can see them getting denied on the marketplace for failure to file the 8962, and trotting right into our offices later.

[Tracy Lee]

I have had several clients that have owed because of their PTC and it has seemed unreasonable.  What am I missing?  Has the IRS done something else stupid I'm unaware of in regards to the dreaded Marketplace Statements?

[BulldogTom]

12 hours ago, Tracy Lee said:

I have had several clients that have owed because of their PTC and it has seemed unreasonable.  What am I missing?  Has the IRS done something else stupid I'm unaware of in regards to the dreaded Marketplace Statements?

Taxpayers do not have to repay any of the advanced premium tax credit they received for their health insurance in 2020.

Tom
Modesto, CA

[TAXMAN]

Yes all we have to do is wait for the form to correct itself or take it out completely. At least that is what I read.