Problem $7-16$

The Affordable Care Act $($LO $7\mathrm{.}4)$

Susan and Stan Collins live in Iowa, are married and have two children ages $6$ and $10.$ In $2022,$ Susan's income is $$43,120$ and Stan's is $$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 $2022$ through their state exchange but did

not elect to have the credit paid in advance. The $2022$ Form $1095-$A that the Collins received from the exchange lists the following information:

Annual premiums

$$9,800$

Annual premium for the designated benchmark plan in the state $$10,800$

Table for Repayment of the Credit Amount

Click here to access the $2022$ FPL table $.$

Click here to access the $2022$ Applicable Figure Table to use for this problem.

tax credit and the repayment amount for $2022.$

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

Excess advance premium tax creditSusan and Stan Collins live in Iowa, are married and have two children ages $6$ and $10.$ In $2022,$ Susan's income is $$43,120$ and Stan's is $$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 $2022$ through their state exchange but did not elect to have the credit paid in advance. The $2022$ Form $1095-$A that the Collins received from the exchange lists the following information:

Annual premiums $$9,800$

Annual premium for the designated benchmark plan in the state $$10,800$

Table for Repayment of the Credit Amount

Description

Single Taxpayers Other

Than Single

Less than $200\%$ $$325$ $$650$

At least $200\%$ but less than $300\%8251,650$

At least $300\%$ but less than $400\%1,4002,800$

At least $400\%$ No limit No limit

$2022$ FPL table $.$

$2022$ Applicable Figure Table The Affordable Care Act $($LO $7\mathrm{.}4)$

Susan and Stan Collins live in Iowa, are married and have two children ages $6$ and $10.$ In $2022,$ Susan's income is $$43,120$ and Stan's is $$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 $2022$ through their state exchange but did

not elect to have the credit paid in advance. The $2022$ Form $1095-$A that the Collins received from the exchange lists the following information:

Annual premiums

$$9,800$

$$10,800$

Annual premium for the designated benchmark plan $in$ the state $$10,800$

Table for Repayment of the Credit Amount

Taxpayers Other

Click here to access the $2022$ FPL table $.$

Click here to access the $2022$ Applicable Figure Table to use for this problem.

Assume that the Collins' Form $1095-$A also indicated that the total advance payment of the premium tax credit was $$11,200.$ Calculate the excess advance premium

tax credit and the repayment amount for $2022.$

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

Excess advance premium tax credit

Assume that the Collins$$ Form $1095-$A also indicated that the total advance payment of the premium tax credit was $$11,200.$ Calculate the excess advance premium tax credit and the repayment amount for $2022.$

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

Line Item Description Amount

Excess advance premium tax credit $\_\_\_\_\_\_\_\_$

Repayment amount $\_\_\_\_\_\_\_\_\_\_\_\_\_$