HCTC

I collected unemployment from the state of Colorado in 2019. Can I take the Health Coverage Tax Credit for paying the premiums on COBRA? What exactly does the Health Coverage Tax Credit involve. I do not have a 1095A that is asked in the first prompt. Spending $14K+ for health insurance is a killer when you have been unemployed. Putting this amount in the medical deductions still ends up being the standard deduction.

134

Expert Alumni

Mar 28, 2020 3:23:05 PM

No.

Eligibility for the HCTC is restricted to the following groups of individuals:

Individuals eligible for Trade Adjustment Assistance allowances because of a qualifying job loss
Individuals between 55 and 64 years old whose defined-benefit pension plans were taken over by the Pension Benefit Guaranty Corporation (PBGC)

You may be eligible to elect the HCTC only if you are one of the following:

An eligible trade adjustment assistance recipient, alternative TAA recipient, or reemployment TAA recipient;
An eligible Pension Benefit Guaranty Corporation payee; or
The family member of an eligible TAA, ATAA, or RTAA recipient, or PBGC payee who is deceased or who finalized a divorce with you.

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