Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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

Single Taxpayers Other Than 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

Click here to access the 2019 Applicable Figure Table to use for this problem.

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 $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting At War The Politics Of Military Finance

Authors: Warwick Funnell, Michele Chwastiak

1st Edition

1138616737, 9781138616738

More Books

Students also viewed these Accounting questions

Question

Explain the main elements of a sustainable work system

Answered: 1 week ago

Question

Explain the nature of paid work

Answered: 1 week ago