HCTC: Information for Yearly Filers |
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You can claim the yearly HCTC on your federal tax return for months in which you met all HCTC eligibility requirements and paid your premiums directly to your health plan.
How to Claim the Yearly HCTC
What Happens After Claiming the Yearly HCTC
After the IRS processes your federal tax return, you will receive the HCTC in the form of a refund or as a credit against the taxes you owe.
If you do not meet all the eligibility requirements or you submit incomplete documentation to the IRS, you will not receive the 65% tax credit.
Caution: if you receive the HCTC and the IRS later determines that you were not eligible to receive the tax credit, you will have to repay the IRS any credit amount you received.
Tips for Filing for the Yearly HCTC
Please keep in mind the following points when you file for the yearly tax credit:
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If you are a current monthly HCTC Program participant, but made additional payments directly to your health plan during the tax year while you were eligible for the HCTC, you can claim the yearly HCTC for those payments. Find out more information by visiting the HCTC: Information for Monthly Participants and Yearly Filers page
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Staple IRS Form 8885 to your 1040 series form when you have completed it. If you have additional forms or schedules to attach, attach all forms in sequential order as shown on the upper right-hand corner of each form. You should staple the supporting documentation together with all of your tax schedules and forms
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You do not need to change anything or attach any forms on your state tax return as a result of claiming the yearly HCTC
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If you file electronically, you will need IRS Form 8453, U.S. Individual Income Tax Declaration for an IRS e-file Return
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Review other IRS publications that may help you file for the yearly HCTC:
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IRS Publication 502, Medical and Dental Expenses
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IRS Publication 17, Your Federal Income Tax for Individuals
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IRS Publication 501, Exemptions, Standard Deduction, and Filing Information for questions on your status as a dependent
Return to the Information for Individuals page.
Return to the HCTC Program home page.
Go to the HCTC Quick Links page to view a glossary of terms, FAQs and additional resources.
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Page Last Reviewed or Updated: December 08, 2008