How soon after a pension plan is assumed by the PBGC can an individual claim the yearly HCTC or receive the monthly HCTC?
As long as the individual is enrolled in a qualified health plan for that month, the first month an individual can claim the yearly HCTC on his or her federal income tax return is the month of the PBGC’s official trusteeship of the employer’s pension plan. For example, if the PBGC trustees a plan on November 30, the individual can claim the credit for all of November. An individual can register for the monthly HCTC as soon as he or she receives an HCTC Eligibility Certificate in the mail, which is after the PBGC sends eligibility records to the HCTC Program via a secure electronic file transfer. If the individual is enrolled in a qualified health plan for months prior to receiving the first monthly credit for the HCTC, the individual can claim the yearly HCTC for those months on his or her federal income tax return.
Related Questions
- Once PBGC takes over my pension plan, what’s the earliest date I would be eligible to apply the for HCTC tax credit?
- How soon after a pension plan is assumed by the PBGC can an individual claim the monthly or yearly HCTC?
- What will happen if more than one individual files a claim on the same property?
