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Updated Form for Eligible Employers to Claim Small Business Health Care Tax Credit

Few Changes to 2013 Version of Form 8941

The IRS has released an updated Form 8941, Credit for Small Employer Health Insurance Premiums, and related instructions for tax year 2013. Eligible small employers use this form to figure the credit for small employer health insurance premiums.

Background 
The small business health care tax credit is designed to encourage small businesses and tax-exempt employers to offer health insurance coverage to their employees. An employer may be eligible for the credit for tax year 2013 if:

  • It had no more than 25 full-time equivalent employees (FTEs) for the tax year;
  • The average annual wages of its employees did not exceed $50,000 per FTE; and
  • It paid at least 50% of the premium cost for single health care coverage for each employee.

What’s New
The updated Form 8941 is similar to last year’s version. Form 8941 was revised to refer filers directly to the worksheets in the instructions. Repetitive line instructions were removed and definitions were moved closer to the related worksheets.

For the latest information about developments related to Form 8941 and its instructions, go to http://www.irs.gov/Form8941.

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