Good news! If your 2020 income is higher than what you reported at the time you applied for 2020 marketplace health insurance, no worries! You don’t have to repay excess premium tax credit because IRS announced last Friday that you are not required to report an excess advance premium tax credit repayment on your Form 1040. The American Rescue Plan Act of 2021 suspended the requirement that taxpayers increase their tax liability by their excess advance premium tax credit repayment for tax year 2020.
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