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HCTC and PBGC
Old 07-21-2021, 11:21 AM   #1
Recycles dryer sheets
 
Join Date: Sep 2003
Posts: 115
HCTC and PBGC

I started my pension through PBGC, April 1st this year, and found out that I am eligible for the HCTC(Health Care Tax Credit).
I applied for the HCTC, was approved and my first payment under HCTC will be August 1st this year.
I talked to PBGC about it, and they told me to contact the IRS.
Tried contacting IRS via the telephone, and never was able to talk to a real human. Searched the IRS website, and could not an answer to my question below.
My question is will I get the tax credit for the first 7 months when I file my 2021 taxes?
I will be required to submit Form 8885 when I do the return.
Thanks for any help on this.
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Old 07-21-2021, 11:53 AM   #2
Dryer sheet wannabe
 
Join Date: Mar 2011
Posts: 22
Hello there,

It sounds like you have been approved for the advanced tax credit starting in August? I was able to claim the HCTC a couple of years ago. I didn't bother with filing the paperwork to get the advanced payment. I filed my taxes with form 8885 and received the credit in my tax refund. On that form, you state the months you are claiming the credit for. One thing to note: even if you file your taxes electronically, you have to mail in evidence of your qualification for the tax credit (invoices and payments of your healthcare premiums, PBGC info).

I was pleasantly surprised that having my company declaring bankruptcy would have such a big financial benefit to me!

Mary
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