Don’t Forget to File Your HealthCare Related Taxes
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):
- ObamaCare Facts Guides:
- ObamaCare Facts simplified guide to 1040 forms
- ObamaCare Facts simplified guide to 1095 forms
- Clarification on missing or incorrect 1095-A forms
- ObamaCare Facts simplified instructions for Form 8962, Premium Tax Credit (PTC)
- ObamaCare Facts simplified instructions for Form 8965, Health Coverage Exemptions
- ObamaCare Facts guide to Exemptions
- ObamaCare Facts guide to the Shared Responsibility Payment, including line-by-line calculations
- ObamaCare Facts guide to Modified Adjusted Gross Income
- ObamaCare Facts guide to Federal Poverty Guidelines
- ObamaCare Facts guide to Tax Filing Thresholds
- ObamaCare Facts guide to Minimum Essential Coverage
- ObamaCare Facts simplified instructions for Form 8941, Credit for Small Employer Health Insurance Premiums
- Second Lowest Cost Silver Plan (SLCSP) Tax Tool <- the one you need to verify your 1095-A or to correct an incorrect 1095-A (also contains Second Lowest Cost Bronze Plan Tax Tool)
- ObamaCare Facts guide to filing 8962 without a 1095-A form, correcting 1095-A forms, or filing 8965 without an ECN (if you are missing a form, read this)
- ObamaCare Facts guide to How to take Tax Deductions for Medical and Dental Expenses
- ObamaCare Facts guide to How to take Self Employed Tax Deductions
- ObamaCare Facts guide to Health Savings Accounts
Official IRS forms and Instructions:
IMPORTANT: The Form 8965 instructions contain a worksheet for figuring out your Shared Responsibility Payment for not having coverage, filing threshold limits, minimum essential coverage, and more. Most people will need to at least review this form.
- IRS Individuals and Families Guide to 2014 Taxes
- Form 1040, U.S. Individual Income Tax Return for 2014
- Form 1040, U.S. Individual Income Tax Return instructions
- Schedule A (Form 1040) Itemized Deductions (including Medical Deductions)
- Schedule A (Form 1040) Itemized Deductions Instructions
- Form 1095-A, Health Insurance Marketplace Statement
- Form 1095-A Instructions (HTML)
- Form 1094-B, Transmittal of Health Coverage Information Returns (Draft)
- Form 1095-B, Health Coverage (Draft)
- Form 1095-B and 1094-B Instructions (Draft)
- Form 1094-C, Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns (Draft)
- Form 1095-C, Employer-Provided Health Insurance Offer and Coverage (Draft)
- Form 1095-C and 1094-C Instructions (Draft)
- Form 8965, Health Coverage Exemptions
- Form 8965, Health Coverage Exemptions Instructions
ADVICE: You can use the IRS Interactive Tax Assistant (ITA) to help you figure out which forms you’ll need to fill out. If you have a more complex situation, get the help of a tax professional. There are some tax incentives and tax credits available, but most require you to take advantage of them by filing the correct forms.
- Form 8962, Premium Tax Credit (PTC)
- Form 8962, Premium Tax Credit (PTC) Instructions
- Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return (file this if you still haven’t gotten a 1095-A, make sure to estimate at least 90% of your payment to avoid a penalty)
- Form 2210, Underpayment of Estimated Tax by Individuals, Estates, and Trusts (to request a waiver from owing back excess premium tax credits)
- Form 2210, Underpayment of Estimated Tax by Individuals, Estates, and Trusts Instructions
- Form 8889, Health Savings Account (HSA)
- For Self-employed Health Coverage Deductions, see worksheet from 1040 instructions
- Form 8941, Credit for Small Employer Health Insurance Premiums
- Form 8941, Credit for Small Employer Health Insurance Premiums Instructions
- Publication 502 for Medical and Dental expenses (you need to attach a Schedule A to your 1040 to itemize deductions).
- For other Small Business Forms, see section on small business below