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 2021, 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 2021 through their state exchange but did not elect to have the credit paid in advance. The 2021 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 Federal Poverty Line for a family of four $26,200 Compute the Collins' premium tax credit for 2021. Click here to access the 2021 Applicable Figure Table. Round any division to two decimal places before converting to a percent. If required, round your final answer to the nearest dollar.

For 2020 not 2016 please Kia Lopez is single (SSN 412-34-5670) and resides at 101 Poker Street, Apt. 12A, Hickory, FL 34714. Her W-2 shows the following:   Wages $ 56,500 Federal withholding 5,100 Social security wages 56,500 Social security withholding 3,503 Medicare withholding 819 State withholding  -0-   In 2020, Kia contributed cash of $7,000 to Apartment Rentals Limited Partnership (ARLP) in return for a 13% limited partnership interest. She is an active participant. Kia’s shares of ARLP income and losses for the year per her K-1 were as follows:   Interest $ 35 Dividends (qualified) 290 Capital gains (long-term) 700 Rental loss (8,300)   ARLP had no liabilities. Kia does not itemize and has no other investments or passive activities.   Prepare Form 1040 for Kia Lopez for 2020. The taxpayer had qualifying health care coverage at all times during the tax year. You will need Form 1040, Schedule E (page 2), Form 6198, and Form 8582

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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 $9,800 $10,800 Table for Repayment of the Credit Amount Less than 200% Single $325 Taxpayers Other Than Single $650 At least 200% but less than 300% 825 1,650 At least 300% but less than 400% 1,400 At least 400% No limit 2,800 No limit Click here to access the 2022 FPL table. 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…