[DFG]

I am an Enrolled Agent.

The Advanced Premium Tax Credit (APTC) is based on household income. This includes non-taxable income such as the non-taxed part of Social Security and non-taxable municipal bonds.

Under IRS notice 2015-9, you can request abatement of the
Advanced Premium Tax Credit (APTC).

Excess APTC Relief

If you expect to have problems paying the tax for tax year 2015, relief is available and it applies to two situations:

Failure to pay entire balance by April 18, 2016 – late payment penalty abated
Underpayment of estimated taxes – estimated tax penalty waived

You can seek relief by doing the following:

Check Box A on Form 2210, Part II;
Completing the first part of Form 2210; and
To abate the late payment penalty – type in the following statement: “I am eligible for the relief granted under Notice 2015-9 because I received excess advance payment of the premium tax credit.”
To waive the estimated tax penalty - type in the following statement: “Received excess advance payment of the premium tax credit.”

In order to take advantage of the waiver, you must be current with your filing and payment obligations and report the amount of excess APTC on a 2015 tax return timely filed, including extensions.

[Red Badger]

THANK YOU SIR! I WILL LOOK INTO THIS!

FReegards,
Red Badger

[DFG]

I am an Enrolled Agent.

The Advanced Premium Tax Credit (APTC) is based on household income. This includes non-taxable income such as the non-taxed part of Social Security and non-taxable municipal bonds.

Under IRS notice 2015-9, you can request abatement of the
Advanced Premium Tax Credit (APTC). This relief was in effect for 2014 tax returns but I have not found if it is in place for 2015 tax returns. There is also relief
under 2015-30 for wrong or late 1095-A documents

Excess APTC Relief

If you expect to have problems paying the tax for tax year 2015, relief is available and it applies to two situations:

Failure to pay entire balance by April 18, 2016 - late payment penalty abated
Underpayment of estimated taxes - estimated tax penalty waived

You can seek relief by doing the following:

Check Box A on Form 2210, Part II;
Completing the first part of Form 2210; and
To abate the late payment penalty - type in the following statement: “I am eligible for the relief granted under Notice 2015-9 because I received excess advance payment of the premium tax credit.”
To waive the estimated tax penalty - type in the following statement: “Received excess advance payment of the premium tax credit.”

In order to take advantage of the waiver, you must be current with your filing and payment obligations and report the amount of excess APTC on a 2015 tax return timely filed, including extensions.

[Red Badger]

I just read IRS Notice 2015-9 that is referenced.

“This relief applies only for the 2014 taxable year.”

Is there one for Tax Year 2015?