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Penalty Relief for Repayment of Advance Premium Tax Credit

March 2, 2015

As part of the tax return filing process for 2014, taxpayers who received advance payments of the premium tax credit must reconcile the amount of credit they are eligible for with the amount of advance credit received. For some taxpayers, the reconciliation process may result in an excess advance payment that must be repaid as an additional tax. This additional tax may come as a surprise to many unsuspecting taxpayers who are unable to pay the balance due when filing their return. In response, the IRS has provided penalty relief for taxpayers that have a balance due for the 2014 tax year due to excess advance payments of the premium tax credit. Penalty abatement is available for the failure to pay penalty and the underpayment of estimated tax penalty.

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