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Susan and Stan Collins live in Iowa, are married and have two children ages 6 and 10. In 2016, Susan's income is $38,000 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 2016 through their state exchange but did not elect to have the credit paid in advance. The 2016 year-end Form 1095-A 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 Assume that the Collins Form 1095-A also indicated that the total advance payment of the premium tax credit was $9,200. The Federal Poverty Line for a family of four is $24,250. Table for Repayment of the Credit Amount Single Taxpayers Other Than Single Less than 200% $300 $600 At least 200% but less than 300% 750 1,500 At least 300% but less than 400% 1,250 2,500 At least 400% No limit No limit Click here to access the 2016 Applicable Figure Table to use for this problem. Calculate the excess advance premium tax credit and the repayment amount for 2016. Excess advance premium tax credit $ Repayment amount $.

Financial Management, Finance

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