Joyce and bob, a married couple filing jointly, received an advance insurance pr
ID: 2579665 • Letter: J
Question
Joyce and bob, a married couple filing jointly, received an advance insurance premium tax credit in 2017. When reconciling the tax credit it was determined they received an excess credit of $3000. If their household income is 300% of the federal poverty line, what is the total amount of credit that must be repaid as additional tax Joyce and bob, a married couple filing jointly, received an advance insurance premium tax credit in 2017. When reconciling the tax credit it was determined they received an excess credit of $3000. If their household income is 300% of the federal poverty line, what is the total amount of credit that must be repaid as additional taxExplanation / Answer
Answer :- Amount of credit to be repaid as an additional tax = $ 2550.
Explanation :- The amount of insurance premium tax credit received in year 2017 will be repaid as an additional tax in year 2017, however, the amount of additional tax will be limited to $ 2550 as per the repayment limitation table provided in the Internal revenue service (IRS) code.
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