Self-Study Problem 7.4 Marco Ty Calf, minder and have the 14., 26th med en eve at home as adrese income 14.00 127,000 and both me. They 12.000 in interest moment bonds. The retinere vided in the forf 2006 through the grandes Credit Using the linge 1030 Form 1025 here to as the completed Form 1005 Alam 262 For line , see Worksheet 2 which is provided below the tax form. For line , enter the amount as shown on the 2020 Applicable ligure Talverall other answers, if required, round your final awwers to the nearest dollar Table for Federal Poverty Line Persons in a 2020 FR. Scales auto $12,00 16,910 21.330 25,750 30.170 34.590 39.010 Each person The ho income is then expressed as a percentage of the FP Table for Repayment of the Credit Amount Singer Ters Other Ya Single 3650 Less than 200 305 Previous Check My Wort Table for Repayment of the Credit Amen Terror Single The Single than 2004 3650 Atast 200 300 90 Att 300 butihan 1000 1.350 2.700 Atast 404 No limit Click here to see the 2020 Applicable Figure Table to use for this Complete the form 1962 to determine the premium act, are except the report amounted ter amounts as positive numbers Fo8962 OM 1545-0014 Premium Tax Credit (PTC) Dement of the 2020 Try Interna Anach to Form 1040, 1040-SR, or 1040-NR Ah Revent Service Go to www.ir.gov/Parm962 for the instructions and the latest Information Sequence No. 73 ames shown Your social sector Tracy and Marco Bantine 123-46-5555 You camera PTC your fingers are ling party less you weet for at se trudion If yol check the Part 1 Annual and Monthly Contribution Amount Textomy Enter your tax tamlys. See instruction 2 Mohed AL Enter your monited AGL Structions Enter the total of your depende de se instructions 1 2 25 Check My Work Pro Study Homework book Enter the total of your des modified AGD. Surinstruction 26 3 Household Income. Add the mounts on lines 23 ant 2. Sex instructions 4 Federal poverty in Enter the federal poverty out from Tole 1-1.1-2. or 1-3. etructions. Check the appropriate for the federas poverty table wed Akawac Other states and DC 5 Household income as a percentage of federal poverty in ce intructions) 6 Did you enter 401 e 57 (Se intructions you were less than 100%) No. Continue to line Yesu niti s take the PTC. I venent of the PTC was made the tructions for how to report your excess advance PTC payment amount 7 All For Ung your 5 percentage locate your ligure on the table intra intructions 7 Ba Anual contribution amount. Multiple Mely contribution amont Divide ty line 7. Round to nearest wole dollar line by 12. Bud to nearest amount while dotar amont Sb Part II Premium Tax Credit Claim and Reconciliation of Advance Payment of Premium Tax Credit Are you locating policy amounts with another taxpayer or do you want to the the calculation for year of marriage? See Instruction Yes.skp to Port I. location of Polly Amounts, or pertv, Alternative No Continue to line 10 Calculation for Year of Marriage 10 See the struction to determind if you can use the 11 or completenes 12 through 23 Yes. Continue to compute your annual PTC. Then skip line 1223 and Ne. Continue to the 12-23. Compute continue to line 24 Your monthly and continue to se 20 (d) All 153 (o) Artual TILL 10 See the instructions to determine if you can use line 11 or must completes 12 through 23 Yes. Control 11 Computer your anual TC. Then ses 12-23 and No. Continue tots 12-21 Como to line 24 your monthly PTC and contine 24 (d) Anna (a) Annual (b) Anna mm (e) Annual enrollment Annual (c) Annual Antal applicable UCSP pemi premum to premium Calculation Contribution ane vande part premium for created (form) 100S mine subtract (mmer ) of PTC (or 10 1095 A line 336) Cites 19 1095 A, me 3) -- Monthly Calculation (a) Month erilmem premium form) 105 21-32 columna) (c) Monthly (d) May (b) Monthly carton Le Monthly c) Monthly applicable SSP amount amount premium av en premium from asistance crewed of PTC (e) (0) 1095 A les mate sutrader of 1095-21- 21-32. Coloma b)maram beror 32. Ma contribution erry 12 January 13 February 14 March 15 April 16 M 17 June 18 July 19 August Check My Work Preus Not) Womewont cha 16 May 17 June 18 July 19 August 20 September 21 October 24 ID 25 22 November 23 December 24 Total tax redt. Enter the amount from a les 12 though 2) and the here 25 Advancent of PTC inter the amount from line rade 122300) the total here 26 Net premium tax credit. in 24 greater than line 25, surat in rome Enter the difference here and an Schedule form 1940). In intelles, enterer Stehen 1725 reanine 24, the line bank and continue to it? Part Repayment of Excess Advance Payment of the Premium Tax Credit 27 Des van payment fins is greater than in 24, cine from 25 Enter the rence 28 payment constructions 29 sem oremunte care sepayment Enter the water of line 27 or 2 here and as Schedule 2 Form 1040), in For Paperwork Reduction Act Notice see your tax return instructions Cat No. 377842 20 27 28 29 F89622020) Worksheet 2 for Line Igre your household income page of the federal poverty fine ing Worksheet 2 bele 1. Enter the mount from line of form 62 the 197 24 25 Advance payment of PTC. Enter the amount from line 110 or add lines 1201) through 2307) and enter the total 10 here. 25 26 26 Net premium tax credit. If line 24 is greater than line 25, subtract line 25 from line 24 Enter the difference here and on Schedule 3 (Form 1040), in line 24 line 25, enter der Stop here. I line 25 greater than line 24, leave this line bank and continue to line 27.. Part II Repayment of Excess Advance Payment of the Premium Tax Credit 27 Excess advance payment of PTC. If line 25 is greater than line 24, subtract line 24 from ine 25. Enter the difference here 26 Repayment limitation (see instructions) 29 ces advance premium tax credit repayment. Enter the smaller of line 27 or line 28 here and on Schedule 2 (Form 1040), line 2 For Paperwork Reduction Act Notice, see your tax return instructions. Cat No. 377842 27 DI 28 29 Form 8962 (2020) Worksheet 2 for Line 5. Figure your household income as a percentage of the federal poverty ine using Worksheet 2 below. 1. Enter the amount from line 3 of Form 8962 2. Enter the amount from line 4 of Form 8962 1. Multiply the amount on line 2 by 4.0. 4. Is the amount on ne more than the amount on line 37 Yes. The amount on line 1 above is more than 400% of the federal poverty fine. Enter 401 here and on line 5 of Form 1962 No. Divide the amount on line 1 above by the amount on line 2 above. Do not round, instead multiply this number by 100 (to expressit on a percenta) and then drop any numbers after the decimal point. For example, for 0.9984, enter the result as 99; for 1 8565, enter the results 185, and for 3.997, enter the result as 399. Enter the result here and on Ines of Form 8962 Check My Work Previous Next Self-Study Problem 7.4 Marco Ty Calf, minder and have the 14., 26th med en eve at home as adrese income 14.00 127,000 and both me. They 12.000 in interest moment bonds. The retinere vided in the forf 2006 through the grandes Credit Using the linge 1030 Form 1025 here to as the completed Form 1005 Alam 262 For line , see Worksheet 2 which is provided below the tax form. For line , enter the amount as shown on the 2020 Applicable ligure Talverall other answers, if required, round your final awwers to the nearest dollar Table for Federal Poverty Line Persons in a 2020 FR. Scales auto $12,00 16,910 21.330 25,750 30.170 34.590 39.010 Each person The ho income is then expressed as a percentage of the FP Table for Repayment of the Credit Amount Singer Ters Other Ya Single 3650 Less than 200 305 Previous Check My Wort Table for Repayment of the Credit Amen Terror Single The Single than 2004 3650 Atast 200 300 90 Att 300 butihan 1000 1.350 2.700 Atast 404 No limit Click here to see the 2020 Applicable Figure Table to use for this Complete the form 1962 to determine the premium act, are except the report amounted ter amounts as positive numbers Fo8962 OM 1545-0014 Premium Tax Credit (PTC) Dement of the 2020 Try Interna Anach to Form 1040, 1040-SR, or 1040-NR Ah Revent Service Go to www.ir.gov/Parm962 for the instructions and the latest Information Sequence No. 73 ames shown Your social sector Tracy and Marco Bantine 123-46-5555 You camera PTC your fingers are ling party less you weet for at se trudion If yol check the Part 1 Annual and Monthly Contribution Amount Textomy Enter your tax tamlys. See instruction 2 Mohed AL Enter your monited AGL Structions Enter the total of your depende de se instructions 1 2 25 Check My Work Pro Study Homework book Enter the total of your des modified AGD. Surinstruction 26 3 Household Income. Add the mounts on lines 23 ant 2. Sex instructions 4 Federal poverty in Enter the federal poverty out from Tole 1-1.1-2. or 1-3. etructions. Check the appropriate for the federas poverty table wed Akawac Other states and DC 5 Household income as a percentage of federal poverty in ce intructions) 6 Did you enter 401 e 57 (Se intructions you were less than 100%) No. Continue to line Yesu niti s take the PTC. I venent of the PTC was made the tructions for how to report your excess advance PTC payment amount 7 All For Ung your 5 percentage locate your ligure on the table intra intructions 7 Ba Anual contribution amount. Multiple Mely contribution amont Divide ty line 7. Round to nearest wole dollar line by 12. Bud to nearest amount while dotar amont Sb Part II Premium Tax Credit Claim and Reconciliation of Advance Payment of Premium Tax Credit Are you locating policy amounts with another taxpayer or do you want to the the calculation for year of marriage? See Instruction Yes.skp to Port I. location of Polly Amounts, or pertv, Alternative No Continue to line 10 Calculation for Year of Marriage 10 See the struction to determind if you can use the 11 or completenes 12 through 23 Yes. Continue to compute your annual PTC. Then skip line 1223 and Ne. Continue to the 12-23. Compute continue to line 24 Your monthly and continue to se 20 (d) All 153 (o) Artual TILL 10 See the instructions to determine if you can use line 11 or must completes 12 through 23 Yes. Control 11 Computer your anual TC. Then ses 12-23 and No. Continue tots 12-21 Como to line 24 your monthly PTC and contine 24 (d) Anna (a) Annual (b) Anna mm (e) Annual enrollment Annual (c) Annual Antal applicable UCSP pemi premum to premium Calculation Contribution ane vande part premium for created (form) 100S mine subtract (mmer ) of PTC (or 10 1095 A line 336) Cites 19 1095 A, me 3) -- Monthly Calculation (a) Month erilmem premium form) 105 21-32 columna) (c) Monthly (d) May (b) Monthly carton Le Monthly c) Monthly applicable SSP amount amount premium av en premium from asistance crewed of PTC (e) (0) 1095 A les mate sutrader of 1095-21- 21-32. Coloma b)maram beror 32. Ma contribution erry 12 January 13 February 14 March 15 April 16 M 17 June 18 July 19 August Check My Work Preus Not) Womewont cha 16 May 17 June 18 July 19 August 20 September 21 October 24 ID 25 22 November 23 December 24 Total tax redt. Enter the amount from a les 12 though 2) and the here 25 Advancent of PTC inter the amount from line rade 122300) the total here 26 Net premium tax credit. in 24 greater than line 25, surat in rome Enter the difference here and an Schedule form 1940). In intelles, enterer Stehen 1725 reanine 24, the line bank and continue to it? Part Repayment of Excess Advance Payment of the Premium Tax Credit 27 Des van payment fins is greater than in 24, cine from 25 Enter the rence 28 payment constructions 29 sem oremunte care sepayment Enter the water of line 27 or 2 here and as Schedule 2 Form 1040), in For Paperwork Reduction Act Notice see your tax return instructions Cat No. 377842 20 27 28 29 F89622020) Worksheet 2 for Line Igre your household income page of the federal poverty fine ing Worksheet 2 bele 1. Enter the mount from line of form 62 the 197 24 25 Advance payment of PTC. Enter the amount from line 110 or add lines 1201) through 2307) and enter the total 10 here. 25 26 26 Net premium tax credit. If line 24 is greater than line 25, subtract line 25 from line 24 Enter the difference here and on Schedule 3 (Form 1040), in line 24 line 25, enter der Stop here. I line 25 greater than line 24, leave this line bank and continue to line 27.. Part II Repayment of Excess Advance Payment of the Premium Tax Credit 27 Excess advance payment of PTC. If line 25 is greater than line 24, subtract line 24 from ine 25. Enter the difference here 26 Repayment limitation (see instructions) 29 ces advance premium tax credit repayment. Enter the smaller of line 27 or line 28 here and on Schedule 2 (Form 1040), line 2 For Paperwork Reduction Act Notice, see your tax return instructions. Cat No. 377842 27 DI 28 29 Form 8962 (2020) Worksheet 2 for Line 5. Figure your household income as a percentage of the federal poverty ine using Worksheet 2 below. 1. Enter the amount from line 3 of Form 8962 2. Enter the amount from line 4 of Form 8962 1. Multiply the amount on line 2 by 4.0. 4. Is the amount on ne more than the amount on line 37 Yes. The amount on line 1 above is more than 400% of the federal poverty fine. Enter 401 here and on line 5 of Form 1962 No. Divide the amount on line 1 above by the amount on line 2 above. Do not round, instead multiply this number by 100 (to expressit on a percenta) and then drop any numbers after the decimal point. For example, for 0.9984, enter the result as 99; for 1 8565, enter the results 185, and for 3.997, enter the result as 399. Enter the result here and on Ines of Form 8962 Check My Work Previous Next