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April 22, 2021
On April 9, 2021, the Internal Revenue Service (IRS) released a fact sheet containing FAQs addressing changes for taxpayers who received advance payments of the 2020 premium tax credit (PTC) due to the American Rescue Plan Act (ARPA).
Understanding how recent legislative changes for the PTC affect individuals, families and their 2020 tax return is important. The IRS developed this fact sheet to explain what taxpayers need to know about claiming a net premium tax credit (net PTC) and what to do if they have excess advance payments of the premium tax credit (APTC) for tax year 2020.