Obamacare Question on the 2017 Tax Return

Unfortunately you won't have the option of not answering the question concerning your qualified health care coverage during 2017 like you did on the 2016 income tax return. The IRS is now going to force you to answer the question. This means that you will will have to pay a substantial penalty if you didn't have qualified health insurance unless you qualify for one of the exemptions such as low income or only a two month break in coverage.

Advance Payments of Obamacare Health Insurance

If you have received the health insurance subsidy, then you have to reconcile that amount with what you are eligible for using form 8962 based on your actual income for the year. The amount of your advance is shown on form 1095-A on a monthly basis and needs to be provided to your tax preparer.  You have to pay back any excess premium credit received or you may be due an additional credit. You will get a notice from the IRS if this calculation on form 8962 is not attached to your tax return.