Get Form 8885

Filling out Form 8885 allows you to claim the Health Coverage Tax Credit, which can be beneficial for those who qualify. This guide will walk you through each step of the process to ensure your submission is accurate and complete.

Follow the steps to successfully complete Form 8885 online.

1. Click ‘Get Form’ button to obtain the form and open it in the editor.
2. Enter the recipient’s social security number in the designated field.
3. Provide the name of the recipient. If both spouses are eligible, remember to complete a separate form for each.
4. In Part I, check the box for the first month in your tax year when you elect to take the Health Coverage Tax Credit. Make sure all eligibility criteria are true as of that date.
5. For each month following the election, check the corresponding boxes if the eligibility criteria remain true.
6. In Part II, enter the total amount you paid directly to your health plan for HCTC-qualified coverage in the space provided.
7. If applicable, enter any amounts received from Archer MSA or health savings accounts that you used to pay for HCTC-qualified coverage.
8. Subtract any amounts noted from line 3 from those on line 2 and enter the result, ensuring it is not less than zero.
9. Multiply the amount from line 4 by 72.5% (0.725) and enter this final amount as directed on the associated tax forms.
10. Review your completed form for accuracy, then save your changes, download, print, or share your form as needed.

Start filling out your Form 8885 online today to claim your Health Coverage Tax Credit.