Column A Case Study

Decent Essays
Show More
Column A. This column is the monthly premium amount for the policy in which Jeff enrolled. Column B. This column is the monthly premium amount for the Second Lowest Cost Silver Plan (SLCSP) that the Marketplace has determined applies to members of Jeff’s family enrolled in the coverage. The premium for the applicable SLCSP is used to compute his monthly advance credit payments and the premium tax credit Jeff claims on his return. Note that in order to calculate his subsidy amount correctly, he’ll need to know the cost of the Second Lowest Cost Sliver Plan in his state’s marketplace. If Jeff didn’t get a 1095-A, or if he got the wrong one, he should wait until he gets the right one and follow up with the Marketplace. Column C. This column is the monthly amount of advance credit payments that were made to the insurance company on Jeff’s behalf to pay for all or part of the premiums for his coverage. …show more content…
Furthermore, you can calculate it by subtracting column A minus column C. How To Calculate The Premium Tax Credit (PTC):

Conclusion: 1. In this case, the excess of $602 ($1,502 - $900) is refundable to Jeff on line 69 of Form 1040. 2. As tax preparer, you will only enter information from Form 1095-A (very carefully) in your tax software. 3. Your tax software will automatically calculate the federal poverty figures and the other relevant numbers needed to calculate the refund or the payment for your client. Reporting the refund of $602 is shown

Related Documents

  • Improved Essays

    Psy 230 Week 2 Case 2
    • 476 Words
    • 2 Pages

    Psy 230 Week 2 Case 2

    According to Cordes, O’Hare and Steuerle the table above represented the change that occurred in tax revenue and charitable giving based on four options. In option one, if all non-itemizers were allowed to deduct their charitable contributions starting from the first dollar given the results support previous claims that the increase in giving to charities does not outweigh the cost of tax revenue (3). Option two took a different approach and proposed to add a floor of $500 to those non-itemizers who file jointly and $250 for those who file single. In order to take a deduction, the contribution had to be in excess of the floor set for the individual. By limiting the deduction, it is seen that the revenue cost became lower while the amount of extra giving that was encouraged did not significantly increase considering the floor provided the subsidy to extra giving rather than giving that would have occurred without any incentive (Cordes, O’Hare & Steuerle 4).…

    • 476 Words
    • 2 Pages
    Improved Essays
    Read More
  • Improved Essays

    Bixler V. Lucinda Bixler Case
    • 455 Words
    • 2 Pages

    Bixler V. Lucinda Bixler Case

    This case was brought by Mrs. Lucinda Bixler after the death of her husband, Vaughn. Mr. Bixler was employed by a company called Drivers who supplied truck drivers to local firms and was also a member of Teamsters Local 776. This union established a fund to supply members with medical, disability, and life insurance which the Bixlers were paying into and receiving benefits from. This fund is designed to accept contributions from the members of the union in line with collective bargaining agreements establishing a number of different levels of coverage. Mr. Bixler just happened to become ill during a time when the bargaining was at a stalemate and coverage was in jeopardy of being cut to the members of the union fund.…

    • 455 Words
    • 2 Pages
    Improved Essays
    Read More
  • Improved Essays

    Appellant's Representative Daughter Case Study
    • 684 Words
    • 3 Pages

    Appellant's Representative Daughter Case Study

    In this case, the Appellant’s Representative/daughter SS submitted an exhibit which included various monthly recurring household expenses. (Exhibit C-1) The ALJ reviewed these expenses to determine if the expenses were causing financial duress for the CS. The regulations however state that the opportunity to increase the CSMNA was not to “guarantee the amenities of any current lifestyle” but rather to prevent the impoverishment of a Community Spouse. The ALJ looked at the Appellant’s verified expenses: water bill of $60.25, electric bill of $287.56, home owner’s insurance of $62.00 (stipulated by the parties; previously verified by the Department), phone bill of $231.94, real estate taxes of $124.33, gas bill of $141.29 The CS total shelter expenses were $907.37.…

    • 684 Words
    • 3 Pages
    Improved Essays
    Read More
  • Decent Essays

    Nt1310 Unit 4
    • 239 Words
    • 1 Pages

    Nt1310 Unit 4

    Unclear points: 1. What is the purpose of F.2 in the context? 2. Why the rpm of 46, 48 were used, and the 48 rpm was chosen during the validation check? 3.…

    • 239 Words
    • 1 Pages
    Decent Essays
    Read More
  • Decent Essays

    Hal Surratt Research Paper
    • 274 Words
    • 2 Pages

    Hal Surratt Research Paper

    The April 15th tax deadline is coming up fast, but there's still plenty of time to get your documents in order and avoid the costly penalties that can come from procrastination. Hal Surratt CPA, a tax accounting expert serving the High Point, NC area, offers some last-minute tax preparation tips. To minimize your tax liability, prevent mistakes, and increase your refund, Hal Surratt CPA recommends: Staying Organized: Gather all of your relevant income statements, like W-2s and 1099s, as well as receipts for any tax deductible expenditures, like job search expenses, business expenses, and charitable contributions. E-File With Direct Deposit: When you file your returns online, the IRS will process your refund more quickly. When you have your return directly deposited, you'll receive your refund within 3 weeks.…

    • 274 Words
    • 2 Pages
    Decent Essays
    Read More
  • Improved Essays

    Magnum Life Insurance Case Summary
    • 670 Words
    • 3 Pages

    Magnum Life Insurance Case Summary

    Jay is entitled to full compensation of the life insurance policy that occurred as a result of Joleene’s death. This is because Joleene had already paid the first premium of the Life insurance policy. Even if she had submitted the medical examination form, it would have had no connection to her death since the medical examination form would only show internal diseases and disorders or other internal factors. In this case her death was not as a result of any internal factor so the medical examination form cannot come in the way of Jay claiming the compensation from the life insurance policy that Joleene had taken up. It would have been a different case if Joleene had not paid the premium to the insurance company but in this case she had shown her commitment and seriousness to this policy by paying up the premium hence Jay can comfortably claim the compensation from Magnum Life Insurance co.…

    • 670 Words
    • 3 Pages
    Improved Essays
    Read More
  • Improved Essays

    Jackson And Kara Erb Case Study
    • 581 Words
    • 3 Pages

    Jackson And Kara Erb Case Study

    In this paper I will identify the reason why Jackson and Kara Erb will not receive a refund from the prior year, how their refund and taxes due were calculated, as well as why they were not subject to the alternate minimum tax (AMT). These aspects will be answered from information provide as well as from the scenario presented between a Tax Accountant Peggy Sue as she explains to her new clients Jackson and Kara Erb by utilizing the class textbook, lessons, and other reputable sources. Not until further review of the client’s prior year W-2 and entering all pertinent information within the appropriate tax form 1040 as required, will I reach a conclusion and determined that a refund will be distributed to Jackson and Kara Erb. Their refund and…

    • 581 Words
    • 3 Pages
    Improved Essays
    Read More
  • Decent Essays

    VA Compensation Case Study
    • 384 Words
    • 2 Pages

    VA Compensation Case Study

    The Department’s Representative testified that the gross amount which is being reported to the Department is the amount which will be counted by the Department unless the Department of Veterans Affairs verifies another disbursement amount. The combination of the RSDI and the VA Compensation makes him over the income limit for MA benefits. At the time of the calculation the Department’s Representative testified to the Appellant receiving $3198.00 from the VA. The Department testified that the Appellant should use available medical assistance from other sources prior to seeking payment from the Department. She testified that the Appellant had Medicare Part A and Part B as well as medical coverage from the Department of Veteran’s Affairs.…

    • 384 Words
    • 2 Pages
    Decent Essays
    Read More
  • Improved Essays

    Cherry Abary Case
    • 107 Words
    • 1 Pages

    Cherry Abary Case

    Claim No. 140119110700, with an underpayment amount owed of $15,845.80. By having asserted the purported lack of authorization as a basis for denying the hospital’s appeals, SelectCare has waived or is estopped from now relying on the timeliness of the hospital’s appeals as a basis for its denials. Patient M.C., Claims No. 130096505500, with an underpayment amount owed of $7,860.41; patient M.W., Claim No. 130334646201, with an underpayment amount owed of $6,179.83. With respect to patient M.C., the hospital included with its appeals an expert report directly supporting the level of care billed (see report from Cherry Abary, D.O. included with Bayshore Medical Center’s second level appeal).…

    • 107 Words
    • 1 Pages
    Improved Essays
    Read More
  • Improved Essays

    Canadian Payroll Deductions
    • 650 Words
    • 3 Pages

    Canadian Payroll Deductions

    Canadian payroll deductions are an important aspect of your business. After all, you need to properly calculate them to avoid running into trouble with the Canada Revenue Agency (CRA) later on down the line. Figuring out deductions can be a bit of a task. There are many different factors you need to take into account. It can sometimes seem a bit too complicated!…

    • 650 Words
    • 3 Pages
    Improved Essays
    Read More
  • Improved Essays

    Metropolitan Life Insurance Company Case: Sears, Roebuck & Company
    • 2484 Words
    • 10 Pages

    Metropolitan Life Insurance Company Case: Sears, Roebuck & Company

    The Issue: Conflict of interest exists when a party is entitled to both determine whether a claim is eligible (or not) and also pay the claim. In such case how much weightage should be given to the conflict of interest to justify if the company has abused this dual power Wanda Glenn started working as sales manager for Sears, Roebuck & Company (chain of American department stores) in 1986. Around 1989, she was diagnosed for cardiomyopathy and doctors surgically implanted a defibrillator. However, in 2000 her medical condition worsened again and doctors diagnosed her with an enlarged and weakened heart that necessitated a surgery involving heart transplantation. Additionally doctors suggested her to quit her job, observing the fact that psychological and physical stress involved with her job was complicating her illness.…

    • 2484 Words
    • 10 Pages
    Improved Essays
    Read More
  • Decent Essays

    K. Haniff's Equation
    • 338 Words
    • 2 Pages

    K. Haniff's Equation

    On 08/30/16 we received a payment request in the amount of $633,451.60 ($617,158.33 LOSS & $16,293.27 LAE) from the broker, AON on behalf of Zurich (ZIC). The Pay Time form is completed & tasked to K.Haniff. Our current outstanding reserve is $1,044,591.03 ($837,699.66 Loss & $206,891.37 LAE) with a total incurred of $2,813,385.09. An increase of $62.91 in LAE is required. After payment of the $633,451.60 our outstanding reserve will be $411,202.34 (Loss $220,541.33 & LAE $190,661.01) for a total incurred of $2,814,448.00.…

    • 338 Words
    • 2 Pages
    Decent Essays
    Read More
  • Improved Essays

    Custom Field Analysis
    • 1026 Words
    • 5 Pages

    Custom Field Analysis

    We will now demonstrate how to set up custom fields in the SSR. Custom Fields can be used to create additional fields for variables that you would like to track for your cases. You may have specific items you want to add to your form. To begin, select form management from the SSR menu and click on “Custom Fields”.…

    • 1026 Words
    • 5 Pages
    Improved Essays
    Read More
  • Great Essays

    Be Our Guest Case Analysis
    • 1591 Words
    • 7 Pages

    Be Our Guest Case Analysis

    Isaac Neal Be Our Guest, Inc. Party Rental Equipment Service Marketing Analysis: Be Our Guest, Inc. is a company that rents out party equipment, such as tables, silverware, and chairs, for events around the Boston area. In 1983, Steve Lizio founded the company and it began as a service that provided wait staff to catering companies, but over time, this idea transformed into a rental company. Be Our Guest is an extremely seasonal company and most of their business comes from the last quarter of the year and their lowest in the first quarter. Be Our Guest , Inc. prices are higher than their competitors, but they believe they provide the best quality of customer service and their inventory.…

    • 1591 Words
    • 7 Pages
    Great Essays
    Read More
  • Great Essays

    Ir 230 Summary
    • 1807 Words
    • 8 Pages

    Ir 230 Summary

    As tax professionals, it is essential to maintain and follow the rules and standards which govern our industry. It is expected for tax professionals to follow the ethical standards that contain information which governs the standards and provides guidance to become a professional taxpreparer. IRS Code 6694(a) focuses and addresses tax return preparers concerns including the conflicts involved from tax preparers who decide their claims may surpass an unreasonable position within sections or throughout the tax return. In furtherance of reducing tax liability for clients, tax return preparers may claim deductions or credits their clients are not qualified for. 6694(b) includes penalties for the tax return preparers who willingly or recklessly…

    • 1807 Words
    • 8 Pages
    Great Essays
    Read More

Related Topics

Ready To Get Started?
Discover
Company
Follow
©2024 Cram.com
Privacy Policy |  About Ads |  Site Map |  Advertise  | 
  • Cookie Settings