Federal Tax, Tax

Can You Benefit From the HCTC?

Under the tax code, “eligible individuals” can claim a refundable Health Coverage Tax Credit (HCTC). The credit is for a part of the premiums they paid for qualified health insurance coverage for themselves and qualifying family members. The IRS has provided election information about filing the HCTC form. The tax agency emphasizes that a taxpayer participating in the HCTC Advance Monthly Program must still file Form 8885, even if he or she isn’t claiming any additional HCTC. That is, the taxpayer isn’t claiming any additional HCTC on the form beyond what was paid as part of the HCTC Advance Monthly Program. Click here for more information about the HCTC. © 2020

“Health Coverage Tax Credit.” HCTC | Internal Revenue Service, February 11, 2020. https://www.irs.gov/credits-deductions/individuals/hctc.