Advanced Scenario 5: Lamar Wharton

https://www.irs.gov/pub/irs-pdf/f6744.pdf

Advanced Scenario 5: Test Questions 10. Lamar received Form 1095-Afrom the Marketplace. How is this information used on his tax return? a. The information is not needed to prepare his return. b. Enter $1,440 directly on Form 1040, page 2 on the premium tax credit line. c. The information is used on Form 8965. d. The information is used to determine the amount of premium tax credit. 11. Lamar must repay a portion of the advance premium tax credit that he received. a. True b. False 12. What is the total amount of qualified educational expenses used in the calculation of Lamar's American opportunity credit? 13. Where is the cancelled debt on Form 1099-C reported on Lamar's tax return? a. It is not reported on the return b. On Form 1040, line 7 as wages c. On Form 1040, line 21 as other income d. On Schedule A as a miscellaneous deduction 14. Lamar qualifies for an exception to the 10% additional tax on the early distribution from his IRA. a. True b. False