Health Coverage Tax Credit (Form 8885)

If you and your family are paying premiums for qualified health insurance programs, you may be eligible for this credit. This credit is available from 2002 to 2013 and extended for 2019.

The Health Coverage Tax Credit (HCTC) is a tax credit for taxpayers who are atleast 55 to 65 years of age who paid health care insurance premiums and are receiving benefits from PBGC.

Requirements:

• You’re a recipient of a qualifying trade adjustment assistance program (allowances due to qualifying job loss)
• You are 55 to 65 years of age
• A PBGC payee
• An eligible Pension Benefit Guaranty Corporation payee
• The family member of an eligible TAA, ATAA, or RTAA recipient, or PBGC payee who is deceased or who finalized a divorce with you

You are disqualified if you’re:

• A dependent on another person’s federal income tax return
• Enrolled in Medicare, Medicaid, the Children’s Health Insurance Program, or the Federal Employees Health Benefits Program or are eligible to receive benefits under the U.S. military health system (TRICARE)
• Enrolled in an Affordable Care Act Marketplace insurance

This entry was posted on Friday, November 20th, 2020 at 6:17 pm and is filed under Credits. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.