Federal Income Tax HW

Problem 7-16 The Affordable Care Act (LO 7.4) Susan and Stan Collins live in Iowa, are married and have two children ages 6 and 10. In 2019, Susan's income is $41,214 and Stan's is $12,000 and both are self- employed. They also have $500 in interest income from tax exempt bonds. The Collins enrolled in health insurance for all of 2019 through their state exchange and elected to have the credit paid in advance. The 2019 Form 1095-A that the Collins received from the exchange lists the following information: Annual premiums $9,800 Annual premium for the designated silver plan in the state $10,800 Total advance payment of the premium tax credit $9,200 The Federal Poverty Line for a family of four is $25,100. Table for Repayment of the Credit Amount Taxpayers Other Than Single Single Less than 200% $300 $600 At least 200% but less than 300% 800 1,600 At least 300% but less than 400% 1,325 2,650 At least 400% No limit No limit Calculate the excess advance premium tax credit and the repayment amount for 2019. Round any division to two decimal places before converting to a percent. Excess advance premium tax credit $ Repayment amount $