Coronavirus Healthcare, Coronavirus Tax Filing & Payment, Federal Tax

2020 Premium Tax Credit Update

The IRS recently suspended a requirement to repay excess advance payments of the 2020 Premium Tax Credit (PTC). The action is a result of the American Rescue Plan Act, which was enacted on March 11. The PTC is a refundable credit that helps eligible individuals and families pay for health care coverage through the Marketplace (part of the Affordable Care Act). Excess payments are the amounts by which taxpayers exceed their PTCs. If you already filed your 2020 return, there’s no need to file an amended return. The IRS will reimburse you. Click here for more information. For questions, contact the Cg Team. © 2021