Use Form 8885 to figure the amount, if any, of your health coverage tax credit (HCTC).
Election to Take the HCTC
You must elect the HCTC for the months you participated in the advance monthly payment program and check those months on Form 8885. Form 8885 and its instructions provide details on how to make the election needed to claim the HCTC and reconcile the Advance Monthly Payments. Make your election by checking the box on line 1 for the first eligible coverage month you are electing to take the HCTC. You must also check all boxes on line 1 for each coverage month after the election month for which you’re eligible to take the HCTC. The election doesn’t apply to any coverage month for which you aren’t eligible to take the HCTC. When checking the boxes for each month in Form 8885, Part I, consider payments you made to “US Treasury-HCTC” to be payments you made directly to your health plan. Payments made to “US Treasury-HCTC” are still not considered payments you made directly to your health plan for Form 8885, Part II.
Other Items You May Find Useful
Publication 501, Exemptions, Standard Deduction, and Filing Information
Publication 502, Medical and Dental Expenses
Comment on Form 8885
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