No Need to File Amended Return for ACA Premium Refund

  • Agribusiness
  • 4/12/2021
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The IRS announced on Friday you don't need to file Form 8962 to report any excess ACA premium and do not need to file an amended return to get a refund.

We have previously posted that the American Rescue Plan had a provision that allowed all taxpayers to keep any excess ACA premiums that may have been generated in 2020.  However, we were uncertain as to how the IRS would handle this situation.

Now we know.  The IRS issued a notice on Friday indicating that taxpayers would not need to fill out or file Form 8962 which is normally used to report this premium reconciliation.

Also, you do not need to file an amended tax return if you have already filed your 2020 return and were required to pay back any excess premium received.  The IRS will automatically reimburse you for those amounts.

This is good news since filing an amended return can be a pain and it can take more than six months to get your refund and the IRS is not staff very well right now to handle an influx of manual amended returns.

This blog contains general information and does not constitute the rendering of legal, accounting, investment, tax, or other professional services. Consult with your advisors regarding the applicability of this content to your specific circumstances.

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