Question

usan and Stan Collins live in Iowa, are married and have two children ages 6 and 10. In 2017, Susan's income is $38,290 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 2017 through their state exchange but did not elect to have the credit paid in advance. The 2017 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 $24,300.

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

Calculate the excess advance premium tax credit and the repayment amount for 2017.

Round any division to two decimal places before converting to a percent.

Excess advance premium tax credit	$
Repayment amount	$

Answer 1

Using form 8962 annual contribution required is:

69F1040	Premium tax credit	Amount	Amount
1	Family size		4
2a	MAGI	50,790
2b	Dependents MAGI	-
3	Household income		50,790
4	Federal poverty line	48 states	24,300
5	Household income to FPL		209
6	Check
7	Applicable figure		0.0675
8a	Annual contribution	3,428

Excess advance premiun tax credit = 9,200 - (9,800 - (10,800 - 3,428)) = 1,828

Repayment amount = 1,500 (limited for family filing joint with income between 200% and 300%)