Everything You Need to Know About Your 1040 and the ACA
You’ll need to file a 1040 form under ObamaCare, find out what sections of the 1040 apply to health insurance and what type of 1040 you need to file.
Need to Print Out a 1040 Form? Get a list of all 1040 forms and instructions from the IRS (make sure to grab the Schedules for Form 1040) as needed. Or see our full list of ObamaCare tax forms with simple instructions.
TIP: The 1040 changed drastically under the Trump administration. For healthcare related questions you may need a schedule 2 (marketplace tax credits reconciliation) and schedule 4 (for paying the fee).
What is Form 1040?
Your 1040 is your main tax return form. You’ll attach other healthcare related forms to your 1040.
Which Form Do I Need to File for ObamaCare?
Below you can find out what version of the 1040 you will fill out depending upon if you or a dependent had coverage, maintained coverage, got exemptions, or got cost assistance.
I Had Coverage and Didn’t Get Cost Assistance: You simply need to file a 1040.
I Had Gaps in Coverage and Didn’t Get Cost Assistance: You check the box that says you didn’t have coverage, then you’ll make a Shared Responsibility Payment on line 61 on schedule 4.
I Got Tax Credits: You’ll need to file a 1040 and if you need to adjust credits, a schedule 2.
I Need to Claim Exemptions: You will claim or report coverage exemptions on Form 8965, Health Coverage Exemptions, and file it with your Form 1040.
I Need to Calculate Something Else Related to Healthcare: Check the different schedules.
Types of 1040 Forms
In past years there were three types of 1040s. From 2017 tax year forward there is only one 1040 and then a number of schedules.
1040: The traditional 1040 form that allows one to claim deductions, claim dependents, self employment, and sale of property. If you got tax credits, you’ll have to file this form.
Schedules: A number of secondary forms for more complex tax filing. Schedule 2 and 4 may be needed for ACA related taxes.
These forms can all be prepared and filed electronically.
What Parts of the 1040 Do I Need to Fill out for ObamaCare?
In general you only need to check the box about having health coverage. However, you may need a schedule 2 if you got credits and a schedule 4 if you need to pay the fee.
Schedule A 1040 Itemized Deductions
You can use a schedule A IRS form to take deductions. Important deductions for the purposes of healthcare include lines 1 – 4. This is where you deduct both Medical and dental expenses.
Other deductions from your schedule A can help bring down your Modified Adjusted Gross Income. That will help many ensure that they avoid repaying subsidies and will potentially help others claim an even larger “net tax credit“.
Can I Just Leave the Question About Health Insurance Blank?
In 2016 you could leave the question about health insurance blank, however for 2017 – 2018 the IRS has specifically said you cannot.
TIP: For 2019 forward there is no fee for not having health coverage in most states, so you won’t have to worry about the fee accounted for on line 61. The above still however applies to previous years.