FORM 8962 IS CALCULATING A % OF 133% ON HOUSEHOLD INCOME OF 66,159 AND POVERTY LEVEL OF 17,240. AM I MISSING SOMETHING OR IS THERE A PROBLEM

Forum|Forum|4 years ago
March 3, 2022
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On form 8962, household income on line 3 is $66,159 and the poverty level on line 4 is $17,240. Line 5 returns a 133% of household income as a percentage of the poverty line amount. I get 383%. Am I missing something?

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qbteachmt

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"Q7. What are the income limits? (Updated February 24, 2022)
A7. In general, individuals and families may be eligible for the premium tax credit if their household income for the year is at least 100 percent but no more than 400 percent of the federal poverty line for their family size. For tax year 2021, if a taxpayer or the taxpayer’s spouse (if filing a joint return), received, or was approved to receive, unemployment compensation for any week beginning during 2021, the amount of the taxpayer’s household income is considered to be no greater than 133 percent of the federal poverty line for his or her family size and the taxpayer is considered to have met the household income requirements for being allowed a premium tax credit."

From:

https://www.irs.gov/pub/newsroom/fs-2022-13.pdf

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