How do I know if I meet the qualification of a trade adjustment assistance recipient? Its a requirement in order to get the health care tax credit.
The Health Coverage Tax Credit (HCTC) is a refundable tax credit that pays 72.5% of qualified health insurance premiums for eligible individuals and their families. If you qualify for HCTC, it’s claimed on Form 8885.
To qualify for this credit, you must have received one of the following types of assistance:
- Eligible for the Trade Adjustment Assistance (TAA) program and received a Trade Readjustment Allowance or was entitled to receive TRA except you hadn’t exhausted your unemployment insurance
- Benefits under the Alternative Trade Adjustment Assistance (ATAA) program
- Benefits from the Reemployment Trade Adjustment Assistance (RTAA) program
- Pension benefit payments from the Pension Benefit Guarantee Corporation (PBGC) and be between 55 and 64 years old
You are not eligible for the HCTC if you:
- Can be claimed as a dependent on another person’s federal income tax return
- Are enrolled in Medicare, Medicaid, the Children’s Health Insurance Program, or the Federal Employees Health Benefits Program or are eligible to receive benefits under the U.S. military health system (TRICARE)
No, it is not the same thing.
The Trade Act of 1974 (Pub. L. No. 93-618), as amended (the Act) (codified at 19 U.S.C. §§ 2271 et seq.), Title II, Chapter 2, established the Trade Adjustment Assistance for Workers (TAA), Alternative Trade Adjustment Assistance (ATAA), and Reemployment Trade Adjustment Assistance (RTAA) programs. These programs, collectively referred to as the Trade Adjustment Assistance Program (TAA Program), provide assistance to workers who have been adversely affected by foreign trade.
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