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What is form 8885?

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Question
What is form 8885?

Answer

The HCTC expires at the end of 2021. The HCTC can't be claimed for coverage months beginning in 2022. The advance monthly payment program will continue through December 2021 but will not accept HCTC payments in 2022

 

Purpose of Form-Use Form 8885 to elect and figure the amount, if any, of your Health Coverage Tax Credit.

Who Can Take This Credit

You can elect to take the HCTC only if (a) you were an eligible TAA, ATAA, or RTAA recipient or PBGC payee in 2021; or you were the qualifying family member of an eligible TAA, ATAA, or RTAA recipient or PBGC payee who passed away or finalized a divorce with you (see Continued Qualification for Family Members After Certain Life Events, later); (b) you can’t be claimed as a dependent on someone else’s 2021 tax return; and (c) you met all of the other conditions listed on line 1. If you can’t be claimed as a dependent on someone else’s 2021 tax return, review Form 8885, Part I, to see if you are eligible to take this credit.

Election to take the HCTC.

You must elect the HCTC to receive the benefit of the HCTC. Make your election by checking the box on line 1 for the first eligible coverage month you are electing to take the HCTC and all boxes on line 1 for each eligible coverage month after the election month. Once you elect to take the HCTC for a month in 2021, the election to take the HCTC applies to all subsequent eligible coverage months in 2021. The election doesn’t apply to any month for which you aren’t eligible to take the HCTC.

For 2021, the election must be made no later than the due date (including extensions) of your tax return.

www.irs.gov/HCTC.


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Views: 2122 Created on: Jun 15, 2013
Date updated: Nov 10, 2021
Posted in: Credits

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