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 2022, Susan's income is $43,120 and Stan's is $12,000 and both are self-employed. They also have $500 in nterest 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 Annual premium for the designated benchmark plan in the state Table for Repayment of the Credit Amount Less than 200% At least 200% but less than 300% At least 300% but less than 400% At least 400% Click here to access the 2022 FPL table. Single $325 825 1,400 No limit $9,800 $10,800 Taxpayers Other Than Single $650 1,650 2,800 No limit 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 9,465 X Repayment amount 1,650 ✓
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 2022, Susan's income is $43,120 and Stan's is $12,000 and both are self-employed. They also have $500 in nterest 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 Annual premium for the designated benchmark plan in the state Table for Repayment of the Credit Amount Less than 200% At least 200% but less than 300% At least 300% but less than 400% At least 400% Click here to access the 2022 FPL table. Single $325 825 1,400 No limit $9,800 $10,800 Taxpayers Other Than Single $650 1,650 2,800 No limit 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 9,465 X Repayment amount 1,650 ✓
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Problem 7-16
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 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
Annual premium for the designated benchmark plan in the state
Table for Repayment of the Credit Amount
Less than 200%
At least 200% but less than 300%
At least 300% but less than 400%
At least 400%
Click here to access the 2022 FPL table.
Single
$325
825
1,400
No limit
$9,800
$10,800
Taxpayers Other
Than Single
1,650 ✔
$650
1,650
2,800
No limit
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
9,465 X
Repayment amount
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