Premium Tax Credit (PTC) Marketplace Returns Delayed? Also EIC/CTC Questions for 2024

Oh my goodness, YES! I'm seeing this exact issue with my return too! 😫 The IRS seems to be taking FOREVER with returns that have the Premium Tax Credit form this year. From what I understand, they're processing these in batches, and anything with both PTC and refundable credits like EIC/CTC is getting extra scrutiny. I'm on day 42 of waiting and feeling so anxious about it!

I filed on January 29th, 2024 with marketplace insurance for the first time. My return included PTC, EIC, and CTC. The IRS didn't start processing until February 16th (the day after the PATH Act date). Then on March 12th, my transcript updated with codes 570/971, which usually indicates a review. Finally received my refund on April 2nd - so exactly 64 days from filing. Not sure if this helps with your timeline question, but that was my experience.

I've been helping several clients navigate this exact situation. Here's what I've found works best: 1. First, get a copy of your tax transcript to see where you are in processing 2. Look for specific codes that indicate PTC verification (usually 1441 or similar) 3. Check if you have any 570/971 combination which indicates review I've been recommending https://taxr.ai to my clients to interpret their transcripts. It actually explains what each code means for your specific situation and gives you a timeline prediction based on your particular combination of credits. It's especially helpful for marketplace insurance returns since those codes can be confusing. The system analyzes processing patterns for returns with similar characteristics and can tell you if you're in normal processing or if there might be an issue requiring attention.

There's definitely a pattern with PTC returns this year. The issue is that the IRS has to match your Form 8962 information with what they received from the marketplace. If there's even a $1 discrepancy, it triggers a manual review. Regarding your Advanced Child Tax Credit question - that program ended after 2021. What you're seeing now is just the regular Child Tax Credit. For 2023 taxes (filed in 2024), the maximum is $2,000 per qualifying child, and it's not being sent as monthly payments anymore.

I've been dealing with PTC forms for 3 years now, and this year is definitely slower than usual! 🙃 After waiting 45 days with no updates, I finally decided to call the IRS directly. Spent two days trying to get through their phone system with no luck (seriously, who has time for that??). Finally used Claimyr.com to get through to an agent in about 15 minutes. Worth every penny! The agent confirmed my return was flagged for "income verification" because of the combination of PTC and EIC. Apparently, this is happening to a lot of returns with both credits. The agent was able to verify everything was in order and manually release my return for processing. Got my deposit 8 days later.

This is my third year filing with marketplace insurance and PTC, and each year has been progressively worse with delays. Last year I waited 28 days, the year before was 21 days, and this year I'm currently at day 49 with no refund in sight! I called the IRS hotline last week and after being on hold for 97 minutes, the agent told me there was a "discrepancy" between my reported PTC and what the marketplace reported. Turns out my insurance company reported a different monthly premium amount for December than what they showed on my 1095-A. The difference was only $12.43 but it triggered a full manual review of my entire return.