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2021 Form 8885. Before you begin: See Definitions and Special Rules in the instructions. ! Do not complete this form if you can be claimed as a dependent on someone else’s 2021 tax return. CAUTION. Part I Election To Take the Health Coverage Tax Credit.
Use Form 8885 to elect and figure the amount, if any, of your HCTC. Self‐Employed Health Insurance Deduction Worksheet.
The health coverage tax credit is a program in place for tax years from 2002 to 2013 and was later extended through 2019 to help eligible individuals and families by paying a portion of premiums for qualified health insurance programs.
To get the credit, which amounts to 72.5% of premiums, a taxpayer must file IRS Form 8885. If I Don’t Owe Income taxes for 2023, Can I Still Receive the Premium Tax Credit?
You will file Form 8885 Health Coverage Tax Credit, and attach documentation that shows that you were an eligible individual for the HCTC and that the premiums claimed for your 2021 coverage were paid.
For more information about eligibility for the HCTC, see Form 8885, Health Coverage Tax Credit, and its instructions.
8885 - Health Coverage Tax Credit. Thomas McGourty. Updated 1 year ago. What is the form used for? If you are completing the Self‐Employed Health Insurance Deduction Worksheet in your tax return instructions and you were an eligible trade adjustment assistance (TAA) recipient, alternative TAA (ATAA) recipient, reemployment TAA (RTAA ...
You will send along with Form 8885 the following: Fill out Form 8453 (make sure you check the box for Form 8885) Supporting documentation for Form 8885; An official letter reflecting that you were an eligible individual for the months claimed on line 2 in 2017
The Premium Tax Credit is a tax credit to help make health coverage more affordable when you purchase health insurance from Healthcare.gov or a state Marketplac.
General Instructions. Purpose of Form. Use Form 8885 to elect and figure the amount, if any, of your HCTC. Self-Employed Health Insurance De-duction Worksheet.