Eight Important Facts about the Health Coverage Tax Credit
The Health Coverage
Tax Credit pays 80 percent of health insurance premiums for eligible
taxpayers and their qualified family members. However, many people
who could be receiving this valuable credit don’t know about
it, and are missing out on big savings that can help them and
their families keep their health insurance.
Here are the top eight
things the IRS wants you to know about the HCTC:
 |
The
HCTC pays 80 percent of an eligible taxpayer’s health
insurance premiums. |
|
The
HCTC is a refundable credit, which means it not only reduces
a taxpayer’s tax liability but also may result in cash
back in his or her pocket at the end of the year. |
|
Taxpayers
can receive the HCTC monthly—when their health plan
premiums are due—or as a yearly tax credit. |
|
Nationwide,
thousands of people are eligible for the HCTC. |
|
You
may be eligible for the HCTC if you receive Trade Readjustment
Allowances—or unemployment insurance in lieu of TRA—through
one of the Trade Adjustment Assistance programs. |
|
You
also may be eligible for the HCTC if you are a Pension Benefit
Guaranty Corporation payee and are 55 years old or older.
|
|
The
most common types of health plans that qualify for the HCTC
include COBRA, state-qualified health plans, and spousal coverage.
In some cases, non-group/individual plans and health plans
associated with Voluntary Employee Benefit Associations established
in lieu of COBRA plans also qualify. |
|
HCTC
candidates receive the HCTC Program Kit by mail. The Kit explains
the tax credit and provides a simple checklist to determine
eligibility. Also included in the Kit is the HCTC Registration
Form. |
Call
us today at 713-661-1040 and let us put our experience to work
for you. Protecting your bottom line is our top priority!
|
Related
Tax Preparation & Tax Accounting Articles:
|
|
|
|
|
|
|
|
|
|
Individual
Tax Return Service
Individual
Tax Return Service
