Susan and Stan Collins live in Iowa, are married and have two children ages 6 and 10. In 2015, 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 2015 through their state exchange but did not elect to have the credit paid in advance. The 2015 year-end Form 1095-A the Collins received from the exchange lists the following information:

Compute the Collins’ premium tax credit for 2015.

 

Transcribed Image Text:

Annual premiums Annual premium for the designated silver plan in the state $9,800 $10,800 Annual premiums Annual premium for the designated silver plan in the state $9,800 $10,800

Answer rating: 100% (QA)

Premium tax credit It is given to reduce the cost of healthcare ... View the full answer