Question

Esther and Elijah George live in Iowa, are married and have two children ages 6 and 10. In 2019, Esther's income is $41,214 and Elijah's is $12,000 and both are self-employed. They also have $500 in interest income from tax-exempt bonds. The Georges enrolled in health insurance for all of 2019 through their state exchange and elected to have the credit paid in advance. The 2019 Form 1095-A that the Georges received from the exchange lists the following information: Annual premiums $9,800 Annual premium for the designated silver plan in the state $10,800 Total advance payment of the premium tax credit $9,200 The Federal Poverty Line for a family of four is $25,100.

Calculate the excess advance premium tax credit and the repayment amount for 2019.

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

Excess advance premium tax credit
Repayment amount

The Federal Poverty Line for a family of four is $25,100.

Table for Repayment of the Credit Amount

	Single	Taxpayers Other Than Single
Less than 200%	$300	$600
At least 200% but less than 300%	800	1,600
At least 300% but less than 400%	1,325	2,650
At least 400%	No limit	No limit

Answer 1

solution :  

the esther and elijah has married twi chiladries age 6& 10 years

The income = $41,214+ $12,000+ 500 = $53714.

step - 2

THE % FPL = ($53214/$25100= 2.12007%

STEP - 3

THE % IS CALCULATED AS THE GIVEN BELOW ;

(%)of FPL -LOW of the FPL range )* (final %- started %)

STEP - 4 THE house hold memebers is 4

(300-600)/(800-1600) =

300/800= 0.375

STEP -5 PREMIUM = $53714*0.375

$20142.75

note : credit tax for premimum design by the plan of the silver in the state - deemed premium

10,800- 20142.75= 9342.75

result : lesser annuval premium of $ 10,800 - $20142.75

answer =   $9342