205/55 16. 40 offset. Will they fit?
 

Trying to get winter tires and the local Belle Tire has steelies in that size, but I am not sure if the 40 offset will fit.

You posted the wheel diameter (16") and the offset (+40mm) but you didn't post the wheel width (6-8" prolly), so we can't answer your question.

Once you get the wheel width, check this topic to see if anyone else has installed wheels in that size:
http://www.ft86club.com/forums/showthread.php?t=7535

Mine at 16 x 6.5 +48 so he should have no problem, unless he's running some really weird/wide steelie