Question
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:
|
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
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started