Question

Returns processed with excess advanced premium tax credit

Forum|Forum|5 years ago
April 27, 2021
3 replies
0 views

We filed our return and it's been processed. I've confirmed that we reported excess advanced premium tax credit on Form 8962 line 29. This link states that I didn't need to include the form but TT was not up to date: https://www.irs.gov/affordable-care-act/individuals-and-families/the-premium-tax-credit-the-basics

It also states: "If you already filed and have excess advance Premium Tax Credit, you don’t need to file an amended return or take any other action."

The news release attached states: "Again, IRS is taking steps to reimburse people who filed Form 8962, reported, and paid an excess advance Premium Tax Credit repayment amount with their 2020 tax return before the recent legislative changes were made. Taxpayers in this situation should not file an amended return solely to get a refund of this amount. The IRS will provide more details on IRS.gov. There is no need to file an amended tax return or contact the IRS."

I guess we just wait for the IRS to catch up and notice it was reported and refund us!

Has anyone in the same situation been refunded yet?

rjs

Employee

Yes, you just wait. You don't have to hope that the IRS will "notice" it. They will actively find and recalculate all tax returns that have excess Advance Premium Tax Credit. But it will likely take several months before they get this done. I'm sure no one has gotten a refund yet for this situation.

D

Dixon312

My return was recalculated and shows a decrease in tax of $1,513. However, I just received a letter that states there is no refund due? There is a telephone # [phone number removed] to call and "review with your account representative". However, going through all the prompts (several) then it comes on to say they can't answer right now and to call back?

R

racevez5Author

Ok! So you received the refund as a credit to a balance owed? I’m curious, when did you file? Thanks for the reply!

W

wkw

We received a refund today. We did not have to do anything, no refile or amendment required. The IRS did it all, miraculously.

R

racevez5Author

So good to know! Was it received the same way your refund was received (check, card, deposit)? How long after they processed your return?

W

wkw

We filed our taxes in Feb 2021, received a refund in early March. This additional refund came the same way as our previous refund—auto deposit—but with no notification, letter, or anything from the IRS, at least not so far. It took me by surprise, because, until today, I had no idea that this particular item was in the American Rescue Plan legislation. It took me a while to figure out what it was and make sure that it wasn't a mistake of some sort. Much appreciated, however!

M

miscalaineous

Thank you for starting this thread!! We are in the same boat, it would be extra nice of TT to send out a blast to it's users about this instead of our having to hunt and peck to find the answers.