Form 8885

Forum|Forum|5 years ago
March 18, 2021
3 replies
13 views

1. I am a PBGC payee, my insurance is through my husbands railroad Early Retirement Plan which is at no cost to both of us, but we do purchase at 100% cost the Early Retirement Supplemental Plan. Does this qualify? If so, do we both get the credit?

2. If qualify, I received a letter from PBGC in September 2020 that I could possibly qualify for this credit for tax year 2019. Can I amend for that year?

DaveF1006

Level 15

Yes, you can receive a credit for PBGC purchase according to this Turbo Tax article. Yes, you were able to claim this in 2019 and you can amend to receive the credit. if you meet the criteria.

Log into Turbo Tax
Go to federal>Deductions and Credits>Medical> show more start next to Health Coverage Tax Credit.
Health Coverage Tax Credit>start
in the questions, it will ask if you are both eligible. The letter should specify if you are both eligible to receive the credit.
Note. In order to claim, one or both of you need to insured through the marketplace.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

CH103Author

Level 2

Please clarify your bullet point #5. As I read the 3 requirements for the HCTC it states: You can't claim the HCTC under a qualified health care plan offered through a Health Insurance Marketplace.