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: 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.

Answer rating: 100% (QA)

Premium Tax Credit for 2017 1state of residence Lowa 2number of persons in family 4 3annual ... View the full answer