- Joined
- Oct 13, 2010
- Messages
- 10,803
As I was preparing my federal income tax, I came across this in the H&R Block tax prep software:
Depending on how much I Roth convert, even below 400% FPL, the Schedule 2, Part I, Line 2 "Excess advance premium tax credit repayment, Attach form 8962" is populated and that amount is carried forward to 1040 line 17, and added to the tax I owe. So it seems like they're saying one thing, and doing another.
I wonder if this is a bug in the software or what.
We've done the math, and you received too much of an advance premium tax credit when you signed up for marketplace insurance. Usually, this means you have to pay back some or all of the extra. However, thanks to the American Rescue Plan Act, you don't have to pay any of it back this year. (And this form wont' be included with your 2020 return.)
To make sure you receive the correct advance premium credit in the future, update your info with the marketplace throughout the year - whenever you have a change in in come or family situation.
Depending on how much I Roth convert, even below 400% FPL, the Schedule 2, Part I, Line 2 "Excess advance premium tax credit repayment, Attach form 8962" is populated and that amount is carried forward to 1040 line 17, and added to the tax I owe. So it seems like they're saying one thing, and doing another.
I wonder if this is a bug in the software or what.