Question
In: Accounting
Susan and Stan Collins live in Iowa, are married and have two children ages 6 and...
Susan 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:
|
Compute the Collins' premium tax credit for 2017.
Click here to access the 2017 Applicable Figure Table.
Round any division to two decimal places before converting to a percent. If required, round your final answer to the nearest dollar.
Please show work so I can understand how to work the problem myself. Thank you!
Solutions
Expert Solution
| Collin's premium Tax credit for 2017 | ||||
| 1 | State of Residence | Lowa | ||
| 2 | Number of persons in Family | 4 | ||
| 3 | Annual premium paid by Collins | $9,800.00 | ||
| 4 | Annual premium of designated silver plan in the state | $10,800 | ||
| 5 | Modified Adjusted Gross Income | $50,790 | ||
| 6 | Federal poverty line for the family of four | $24,300 | ||
| 7 | Federal Poverty line Percentage (Line 5/Line 6) | 209.01% | ||
| 8 | FPLP rounded to whole number | 209 | ||
| 9 | Applicable percentage (from Form 8962 instructions 2017) | 6.75% | ||
| 10 | Amount to be subtracted from designated silver plan | $3,428.33 | ||
| 11 | Annual Premium Tax Credit | $7,371.68 | ||
| Annual Premium Tax Credit (rounded off) | $7,372.00 | |||
| Working notes | ||||
| Federal Poverty line Percentage (Line 5/Line 6)= $50790/$24300 x 100 = 209.01% | ||||
| Amount to be subtracted from designated silver plan = $50790 x 6.75% = $3428.33 | ||||
| Annual premium tax credit = $10800 - $3428.33 = $7371.67 | ||||
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