Rev. January 2022
Form 1099-H is a tax document used for reporting Health Coverage Tax Credit (HCTC) advance payments made on behalf of eligible individuals. Eligible individuals include TAA, ATAA, RTAA recipients, and PBGC pension payees. The form includes the issuer/provider's information, recipient's information, and details of HCTC advance payments for each month. Recipients should use Form 8885 to figure any credit they may be able to take on their tax return.
Form 1099-H must be filed by January 31st of the year following the calendar year in which the health insurance coverage was provided. Statements must be furnished to recipients by January 31st as well.
Providers of qualified health insurance coverage who have received advance payments of the HCTC on behalf of eligible recipients are required to file Form 1099-H.
Form 1099-H requires the reporting of the total amount of advance payments of health insurance premiums received on behalf of the recipient for the year, and the number of months the payments were received.
Penalties under sections 6721 and 6722 may apply for failure to comply with the reporting requirements of section 6050T. However, waivers for reasonable cause and not willful neglect are available.
Yes, expired ITINs may continue to be used for information return purposes regardless of whether they have expired for individual income tax return filing purposes.
Form 1099-H is used by providers of qualified health insurance coverage to report advance payments of the Health Coverage Tax Credit (HCTC) they have received on behalf of eligible recipients, and to furnish a statement reporting that information to the recipient.
An eligible recipient for Form 1099-H includes individuals who receive qualified health insurance payments under the Health Coverage Tax Credit program, such as those receiving TAA, ATAA, RTAA or PBGC benefits and their qualifying family members.
Yes, the IRS HCTC Program can file Form 1099-H on behalf of the filer. However, if the filer elects to file and furnish the statements themselves, they will be responsible for seeking a penalty waiver under section 6724(a) if required.
Form 1099-H is one of Tax forms that are documents used to report information related to taxes to the relevant tax authority. There are various types of tax forms, including federal, state, and local tax forms, which can vary depending on the taxpayer's circumstances and location.
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