The Affordable Care Act (LO 7.4) Susan and Stan Collins live in Iowa, are married and have two children ages 6 and 10. In 2020, 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 2020 through their state exchange but did not elect to have the credit paid in advance. The 2020 Form 1095-A that 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

Federal Poverty Line for a family of four $25,750

Compute the Collins' premium tax credit for 2020.

  

Answer rating: 100% (QA)

Susans income 43120 Stans income S12000 Interest income 500 Modified AGI 55620 Federal Poverty Line ... View the full answer