What is form 8885?

Article ID: 59785  

Question
What is form 8885?

Answer

This credit will expire at the end of  2020 and will not be availablefor any coverage months in 2021.

 

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, RTAA recipient, or PBGC payee in 2020; 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 cannot be claimed as a dependent on someone else’s 2020 tax return, and (c) you met all of the other conditions listed on line 1. If you cannot be claimed as a dependent on someone else’s 2020 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 2020, the election to take the HCTC applies to all subsequent eligible coverage months in 2020. The election doesn’t apply to any month for which you are not eligible to take the HCTC.

For 2020, the election must be made not later than the due date (including extensions) of your tax return.

www.irs.gov/HCTC.


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