Get the free Form 8885

Use Form 8885 to figure the amount, if any, of your health coverage tax credit (HCTC). This form is applicable for eligible trade adjustment assistance (TAA) recipients, alternative TAA recipients,

How to fill out form 8885

How to fill out Form 8885

1. Begin by gathering your tax documents and any information related to your health coverage.
2. Download Form 8885 from the IRS website or get a physical copy if needed.
3. Fill in your personal information at the top of the form, including your name, address, and Social Security number.
4. In Section 1, provide the details of your health insurance coverage, including the months you were covered.
5. In Section 2, calculate your premium tax credit based on your expected income and family size.
6. Review the instructions for any additional information required for specific situations, such as eligibility criteria.
7. Check your calculations for accuracy to ensure you are claiming the correct amount.
8. Sign and date the form before submitting it with your tax return.

Who needs Form 8885?

1. Individuals and families who received health coverage through the Health Insurance Marketplace.
2. Taxpayers seeking a premium tax credit to help reduce their monthly health insurance premiums.
3. Those who have had changes in their health coverage and need to report them to the IRS.

People Also Ask about

What is 8885?

Form 8885 - Health Coverage Tax Credit. The Health Coverage Tax Credit (HCTC) is a tax credit that pays 72.5% of qualified health insurance premiums for eligible individuals and their families.

What is the highest income to qualify for ACA?

If your estimated income falls between 100% and 400% of the federal poverty level for a household of your size, and you purchase health insurance through the national Health Insurance Marketplace, you may be eligible for the Premium Tax Credit (PTC).

What is the tax form for health benefits?

If anyone in your household had a Marketplace plan in 2024, you should get Form 1095-A, Health Insurance Marketplace ® Statement, by mail no later than mid-February. It may be available in your Marketplace account anytime from mid-January to February 1. Notice: You must have your Form 1095-A before you file.

Who is eligible for the health coverage tax credit?

To be eligible for the premium tax credit, your household income must be at least 100 percent and, for years other than 2021 and 2022, no more than 400 percent of the federal poverty line for your family size, although there are two exceptions for individuals with household income below 100 percent of the applicable

What makes you eligible for a tax credit?

An offer of employer-sponsored coverage generally makes an employee ineligible for a premium tax credit. The exception is if the employer-sponsored coverage is unaffordable or fails to meet the minimum value standard.

Is the health coverage tax credit expired?

The HCTC has a sunset date of January 1, 2022. The health coverage tax credit (HCTC) expired on January 1, 2022. For reference purposes, this report provides a discussion of key features and program administration of the HCTC when the credit was in effect.

Which is a requirement for the taxpayer to qualify for the premium tax credit?

You're at least 18 years old or have a qualifying child. Have earned income of at least $1 and not more than $31,950. Have a valid Social Security Number or Individual Taxpayer Identification Number (ITIN) for you, your spouse/RDP, and any qualifying children.

For pdfFiller’s FAQs

What is Form 8885?

Form 8885 is a tax form used to claim the health coverage tax credit (HCTC) for eligible individuals.

Who is required to file Form 8885?

Individuals who are eligible for the health coverage tax credit, such as certain displaced workers or retirees, are required to file Form 8885.

How to fill out Form 8885?

To fill out Form 8885, taxpayers need to provide personal information, indicate eligibility for the HCTC, and report the amounts paid for qualified health insurance premiums.

What is the purpose of Form 8885?

The purpose of Form 8885 is to allow eligible individuals to claim a tax credit for their health insurance premiums, alleviating some of the financial burden of healthcare costs.

What information must be reported on Form 8885?

Form 8885 requires reporting personal identification details, the number of months covered by qualified health insurance, and the total amount of premiums paid.