What is Form 1099-H?
Form 1099-H is use to report advanced payment of HCTC (Health Coverage Tax Credit) received from eligible recipients and furnish statements reporting payment to the department of treasury and recipient(s). Qualified health insurance providers who received such HCTC payments are required to file Form 1099-H on behalf of their eligible recipients by section 6050T; If the filers are considered as HCTC beneficiaries, they will receive a copy of Form 1099-H.
Form 1099-H also covers alternative trade adjustment assistance, reemployment trade adjustment assistance, and Pension Benefit Guaranty Corporation payees. There are three copies of Form 1099-H. The filer receives their HCTC benefits directly from your health insurance provider, or they can receive them as an annual tax credit. 1099-H forms must be mailed to recipients by February 15 and e-filed with the IRS by March 31 each year.
How to File IRS Form 1099-H?
Who can uses Form 1099-H?
A federal tax credit helps the individuals and families significantly in-order to lower their monthly health insurance premiums. The following represent some of the eligibility criteria for the program:
- Eligible for Trade Adjustment Assistance (TAA) allowances (due to a qualifying job loss)
- An Reemployment TAA (RTAA) or Alternative TAA (ATAA)recipient
- Between age 55 and 64 and filer’s defined-benefit pension plan was taken over by the PBGC
All the copies need to be completed and received by January 31 of the year following the tax year. The prepayment helps the filer to pay for monthly health insurance premiums. The issuer sends Copy A to the IRS, Copy B to the taxpayer, and retains Copy C. However, the filer must keep the copy with their tax documents for future reference.
When is the Form 1099-H deadline?
|IRS Paper Filing
|IRS Electronic Filing
Note: If the due date/deadline comes on a Saturday, Sunday, or public holidays, need to E-file on the next business day.
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