Question
Susan and Stan Collins live in Iowa, are married and have two children ages 6 and 10. In 2020, Susan's income is $43,120 and Stan's
Susan and Stan Collins live in Iowa, are married and have two children ages 6 and 10. In 2020, Susan's income is $43,120 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 2020 through their state exchange and elected to have the credit paid in advance. The 2020 Form 1095-A that the Collins received from the exchange lists the following information:
|
The Federal Poverty Line for a family of four is $25,750.
Table for Repayment of the Credit Amount
Single | Taxpayers Other Than Single | |
Less than 200% | $325 | $650 |
At least 200% but less than 300% | 800 | 1,600 |
At least 300% but less than 400% | 1,350 | 2,700 |
At least 400% | No limit | No limit |
Click here to access the 2020 Applicable Figure Table to use for this problem.
Calculate the excess advance premium tax credit and the repayment amount for 2020.
Round any division to two decimal places before converting to a percent.
Excess advance premium tax credit | $fill in the blank 1 |
Repayment amount | $fill in the blank 2 |
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