Get Form 8885

Filling out the Form 8885 online can be an important step in claiming your health coverage tax credit. This guide provides comprehensive instructions to help you navigate each section of the form with clarity and confidence.

Follow the steps to complete Form 8885 effectively.

1. Click ‘Get Form’ button to obtain the form and open it in your preferred editor.
2. Read the instructions carefully before starting. Ensure that you meet the eligibility criteria to file this form, including confirming that you cannot be claimed as a dependent on another person's tax return.
3. Begin with Part I to elect to take the health coverage tax credit. Check the box for the first month of the tax year in which you are electing this credit. Ensure all related statements are true for that month, and check the corresponding boxes for each subsequent month.
4. Move to Part II where you need to enter the total amount paid directly to your health plan for qualified health insurance coverage for the months checked in line 1. Remember to consider any advance payments of the premium tax credit as amounts you paid.
5. Continue by entering any Archer MSA or health savings accounts distributions used for qualified health insurance coverage for those months in line 3.
6. Subtract the amount on line 3 from the amount on line 2. If the result is zero or less, you will not be eligible to take the credit.
7. Multiply the result on line 4 by 72.5% (0.725) to calculate your health coverage tax credit. Enter this result on Form 1040, line 73 (check box c), or the corresponding lines for Forms 1040NR, 1040-SS, or 1040-PR.
8. Before finalizing, ensure all required documents supporting any amounts claimed on line 2 are attached, otherwise your credit may be disallowed.
9. Finally, save your changes, download the completed form, and consider printing or sharing it as needed.

Complete your Form 8885 online today to claim your health coverage tax credit.