Susan and Stan Collins live in Iowa, are married and have two children ages 6 and 10. In 2014, Susan adjusted gross income is $38,000 and Stan is $12,000 and both are self-employed. They also have $500 in interest income from tax-exempt bonds. The Collin enrolled in health insurance for all of 2014 through their state exchange but did not elect to have the credit paid in advance.
The 2014 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 Compute the Collin premium tax credit for 2014.