A Reminder to File HealthCare Related Tax Forms and ObamaCare Related Tax Form Specifically
Everyone who files taxes will have to address health coverage questions. Meanwhile those with HSAs, medical deductions, or ACA credits will have some extra forms to fill out. Don’t forget to file. The deadline for filing taxes is April 15th unless you file for an extension.
- If you, or a tax dependent, missed at least one full month of coverage last year, you’d need to file the Exemptions form.
- If you, or a dependent, received Advanced Tax Credits you’d need to file a Premium Tax Credit form and will receive a helpful 1095-A form in the mail in regards to your coverage.
- If you, or a dependent, got a Marketplace plan but chose to receive your Tax Credits as a part of your year-end tax refund, you’d need to file a Premium Tax Credit form.
- If you, or a dependent, has Medicaid, Medicare, or another insurance type you’d only need to fill out line 61 of your 1040 for ObamaCare.
- If you used an HSA, you’ll need to file form the Health Savings Account form.
- You may also need to file the form for medical deductions if you spent more than the allowed amount of your income (7.5% of your adjusted gross income for 2017).
- You may also need to file forms related to a business if you run a business.
TIP [Only applies to 2016]: If you didn’t have coverage, and you won’t pay the fee, do not lie on your 1040. Instead say nothing. In terms of filing taxes, going silent on a form is better than lying. Be aware though, if you go silent, the IRS can come back and charge you a fee on top of requesting payment.
IMPORTANT UPDATE 2019: The IRS accepted silent returns in 2017 (for 2016 plans), but was more stringent in 2018 (for 2017 plans) saying they would not accept electronically filed forms that did not address the health coverage requirement (see the official statement from the IRS here). It is likely they will still be stringent in 2019 (for 2018 plans). Then for 2019 plans there is no federal fee for not having coverage, and thus this whole thing will be a moot point. For the 2019 tax filing season for 2018 plans however, you should be aware that the IRS may reject “silent returns.”
The next section will list guides, links to official tax forms, and other important documents (make sure to double check everything to ensure you are dealing with information pertaining to the correct tax year):