gfizer Posted May 6, 2021 Report Share Posted May 6, 2021 I have a retired client who decided it would be a good idea to withdraw $70k from his 401k to purchase a new pickup truck. He received advance premium tax credit payments amounting to almost $10k. The additional retirement income throws him over the 400% threshold. Is it really true that he won't need to repay the $10k thanks to the cares act? Seems too good to be true. Quote Link to comment Share on other sites More sharing options...
Lynn EA USTCP in Louisiana Posted May 6, 2021 Report Share Posted May 6, 2021 It's really true for tax year 2020 !!! Prepare the 8962 and the bottom line will be -0- to be repaid. 1 Quote Link to comment Share on other sites More sharing options...
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