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Financial Planning / Tax Strategies
|Subject: Health Insurance Credit||Date: 6/6/2003 2:07 AM|
|Author: thewildcide||Number: 65698 of 122320|
I have a question about one of the new changes in the tax law for 2002 that hopefully someone can answer. I became eligible last year for the Health Insurance Credit for Trade Adjustment Assistance (TAA) recipients. I didn't take the credit when I did my taxes because I didn't really understand how it worked.
I meet all the rest of the criteria for the credit but I am unsure about one rule. According to the IRS on Form 8885, you are not eligible to take this credit if:
You were covered under any employer-sponsored health plan (except insurance substantially all of which is of excepted benefits described in section 9832(c)) and the employer pays 50% or more of the cost of the plan.
I am covered under my husbands plan. We pay about $162.00 a month for coverage for me since his coverage is free. He has tried several times to find out what the company's cost for insurance for me is, but no one in the HR office seems to have any idea. This is a company with 700-1000 employees and we have PPO coverage.
I have been told by a couple of people that the company's cost is probably many times what we are paying per month so most likely I'm not eligible for the credit. But, I was wondering if anyone here had any experience with this and could tell me if it is even worth pursuing.
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