Susan and Stan Collins live in Iowa, are married and have two children ages 6 and 10. In 2019, Susan’s income is $41,214 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 2019 through their state exchange but did not elect to have the credit paid in advance. The 2019 Form 1095-A that the Collins received from the exchange lists the following information:Annual premiums $9,800Annual premium for the designated silver plan in the state $10,800 Compute the Collins’ premium tax credit for 2019.
Susan and Stan Collins live in Iowa, are married and have two children ages 6 and 10. In 2019, Susan’s income is $41,214 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 2019 through their state exchange but did not elect to have the credit paid in advance. The 2019 Form 1095-A that the Collins received from the exchange lists the following information:Annual premiums $9,800Annual premium for the designated silver plan in the state $10,800 Compute the Collins’ premium tax credit for 2019.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Susan and Stan Collins live in Iowa, are married and have two children ages 6 and 10.
In 2019, Susan’s income is $41,214 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 2019 through their state exchange but did not elect to
have the credit paid in advance. The 2019 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
Compute the Collins’ premium tax credit for 2019.
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