Registration begins for 2017 advance monthly payment HCTC program

The IRS has opened the registration and enrollment process for qualified taxpayers to receive the benefit of the Health Coverage Tax Credit (HCTC) on an advance monthly basis during 2017. Eligible taxpayers could have 72.5 percent of their qualified health insurance premiums paid in advance directly to their health plan administrator each month.

The following taxpayers are eligible to make the HCTC election:

• An eligible trade adjustment assistance (TAA) recipient, alternative TAA recipient or reemployment TAA recipient, or
• An eligible Pension Benefit Guaranty Corporation (PBGC) payee, or
• The family member of an eligible TAA, ATAA, or RTAA recipient or PBGC payee who is deceased or the ex-spouse of a payee.

The registration process requires taxpayers to complete and mail Form 13441-A, HCTC Monthly Registration and Update, with all required supporting documents to the IRS. Upon successful registration, taxpayers are required to pay 27.5 percent of their health insurance premiums in advance to the HCTC program. Payments are due by the 10th day of each month and must be made through the U.S. Bank lock-box system. Taxpayers could visit IRS.gov/HCTC for more information.

SOURCE: IRS News Release IR-2016-148, November 15, 2016.

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