More Jack and Jill

Jack and Jill – Scenario 5 Quiz – NO COMPUTER Same as scenario 1 MFJ, 1 adult dependent No insurance all year No employer offer of insurance Change to $110,000 AGI What is the SRP on line 61? NTTC Training – TY2017

Jack and Jill – Scenario 5 What you know: SRP = $695 x adults = $2,085 $2,085 is the maximum SRP AGI = $110,000 > 400% FPL Threshold = 8.16% of household income or approximately $9,000 NTTC Training – TY2017

Jack and Jill – Scenario 5 What you know: LCBP = 1004.42/mo (looked it up for 1) No PTC because household income > 400% Cost of insurance about $12,000 (1000/mo x 12mo) Over 8.16% (10% of 110,000 = 11,000) Insurance is unaffordable SRP on 1040 line 61 = $0 NTTC Training – TY2017

NTTC Training – TY2017

Jack and Jill – Scenario 6 Same as Scenario 1 MFJ, 1 dependent AGI $55,000 LCBP = $1,004.42 SLCSP = $1,210.55 Insurance is affordable NTTC Training – TY2017

NTTC Training – TY2017

Jack and Jill – Scenario 6 From 1 March on they were residents of Johnson County 66215 zip code LCBP = $1,130.98 SLCSP = $1,611.98 Insurance is affordable NTTC Training – TY2017

NTTC Training – TY2017

Jack and Jill – Scenario 6 May 1 Jill starts a new job with offer of insurance Self only $187 Family $400 Unaffordable for Jack and Jim Affordable for Jill NTTC Training – TY2017

NTTC Training – TY2017

Jack and Jill – Scenario 6 Jill buys self only coverage starting October 1 – MEC rest or year Jack goes full time October 1 and gets offer of insurance Self $186 Family $350 Affordable for Jack and Jim NTTC Training – TY2017

NTTC Training – TY2017

Jack and Jill – Scenario 6 We made a couple of mistakes on Jacks offer of insurance Family was $530 not $350 Self was $188 not $186 G exemption – applies to anyone on the return needing an exemption (H- 16) NTTC Training – TY2017

NTTC Training – TY2017

Questions about SRP? Comments Questions NTTC Training – TY2017