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Premium Tax Credit FAQs

premium tax credit

1 minute read

The IRS has released a fact sheet with FAQs which addresses legislative changes for the premium tax credit due to the American Rescue Plan Act (ARPA). The fact sheet discusses how to claim a net premium tax credit (net PTC) and what to do if you have excess advance payments of premium tax credit (APTC) for tax year 2020.

The ARPA suspends the requirement that excess APTC received for the 2020 tax year be repaid. The excess APTC is the amount in which the taxpayer exceeds the premium tax credit amount they are entitled too, based upon their actual income for the year.

Taxpayers with excess APTC for 2020 are not required to file Form 8962. However, eligible taxpayers claiming a net PTC must file Form 8962 when they file their 2020 tax return.

Download the bulletin for more details.

Download the 2021 IRS Contribution Limits Info Sheet

This blog is intended to be a compilation of information and resources pulled from federal, state, and local agencies. This is not intended to be legal advice. For up to the minute information and guidance on COVID-19, please follow the guidelines of the Centers for Disease Control and Prevention (CDC) and your local health organizations.

National Insurance Services is not a law firm and no opinion, suggestion, or recommendation of the firm or its employees shall constitute legal advice. Readers are advised to consult with their own attorney for a determination of their legal rights, responsibilities and liabilities, including the interpretation of any statute or regulation, or its application to the readers’ business activities.

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Mark Treba

Mark Treba

Mark Treba sees his position at National Insurance Services as a way to help serve clients and make a positive impact in their communities. “I am always striving to better understand the needs of my clients,” he states, “in order to have their best interest in mind.” Mark also enjoys the challenge of resolving the ‘unsolvable problem’. “People often say that I am a great teacher and have the ability to convey difficult concepts in a way that is easy to understand.” Mark is a licensed health and life insurance agent working with school districts, cities, and counties. He has over 10 years of customer service experience and has a Group Benefits Disability Specialist designation (GBDS).