Last Updated : January 14, 2009
  AutoEfile Home  Sitemap  Contact us   Print this page  Bookmark this page
Call for Support : 732.606.4476 7326988881 - SUPPORT
8885

Form 8885

Health Coverage Tax Credit

Purpose Of The Form:
Form 8885 is used to figure the amount if any, of your health coverage tax credit (HCTC).

Who May Claim The Credit.
Taxpayer may request a credit or refund if he/she:

  • Were an eligible trade adjustment assistance (TAA) recipients, Alternative TAA recipient, or Pension Benefit Guaranty Corporation (PBGC) pension recipient in 2006.
  • You cannot be claimed as a dependent on someone else’s 2006 tax return
  • You meet all of the other conditions listed on line 1.

PART-I COMPLETE THIS PART TO SEE IF YOU ARE ELIGIBLE TO TAKE THIS CREDIT.

Line 1:
Read the instructions written on the face of the form to see if you are eligible to take the Credit for Qualified Health Insurance Plan (HCTC).   
Select the checkbox besides each month that signifies the conditions listed on line 1.

Line 2:
Enter the total amount of insurance premiums paid for coverage for you and all qualifying members under a qualified health insurance plan for all months checked on line 1.

But do not include any Qualified health insurance premiums you paid to “U.S. Treasury –HCTC” or any advance payments shown on form 1099-H box-1.

You must attach invoices and proof of payment for any amounts included on line 2 for which You did not receive and HCTC advance payments.

Note : If your Qualified health insurance plan covers anyone other than you and your qualifying family members, Refer publication 502 , Medical & Dental Expenses (including the Health Coverage Tax Credit ), before completing line 2 .

Line 3:
Enter manually the total amount of any (a)Archer MSA distributions used to pay amounts On line 2 and (b) National Emergency Grants you received for health insurance in 2006.

Line 4:
This line is automatically calculated in our package. Here line 3 is subtracted from Line 2.

Line 5:
This line is automatically calculated in our package .Multiply line 4  by 6.5%. This is the health coverage tax credit .

 
INVOICE AND PROOF OF PAYMENT WORKSHEET – LINE 2
      
Line 1:
Amount transfers from part-1 line 2 in our package which is entered by user manually.

Line 2:
This line is to be manually entered by user from FORM 1099-H box-1.

Line 3:
This line is automatically calculated in our package. Multiply line 2 by 1.5385.

Line 4:
This line is automatically calculated in our package . Here line 3 is subtracted from Line 1. This amount is then transferred to Part-1 line 2 of this form. User is needed to attach invoices or proof of payments totaling this amount.

Supported States

Supported States

Federal CA CO CT GA
IL MD MI NC NM NJ
NY OH PA SC VT
     

Authorized IRS E-file Provider

Checkout with PayPal - FAST, EASY and SECURE