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Advanced Scenario 5: Lamar Wharton Directions Using the tax software, complete the tax return, including Form 1040 and all appropriate forms, schedules, or worksheets . Answer the questions following the scenario . Note: When entering Social Security numbers (SSNs) or Employer Identification Numbers (EINs), replace the Xs as directed, or with any four digits of your choice. Interview Notes In September 2016, Lamar enrolled in college to pursue a bachelor's degree . He had no other post-secondary education. Yuma College is a qualified educational institution . Lamar does not have a felony drug conviction . Lamar brought a Form 1098-T and an account statement from the college . His purchases at the college bookstore were for course-related books . The terms of Lamar's scholarship require that it be used to pay for tuition . Lamar took a distribution from his IRA to pay for some of his education expenses . All his IRA contributions were deductible in the year he made them . Lamar received a Form 1099-C for cancelled credit card debt . Using the insolvency determination worksheet in Publication 4012, you determine the value of Lamar's assets exceeded his liabilities . Therefore, Lamar was solvent at the time the credit card debt was cancelled . For the purposes of this scenario, Lamar lives in Tempe, AZ 85281 . Lamar underestimated his 2016 income when he purchased minimum essential health care coverage through the Marketplace . Advanced Scenarios 71 72 Advanced Scenarios Advanced Scenarios 73 74 Advanced Scenarios Advanced Scenarios 75 76 Advanced Scenarios Advanced Scenarios 77 78 Advanced Scenarios Advanced Scenarios 79 Advanced Scenario 6: Samantha Rollins Directions Using the tax software, complete the tax return, including Form 1040 and all appropriate forms, schedules, or worksheets. Answer the questions following the scenario. Note: When entering Social Security numbers (SSNs) or Employer Identification Numbers (EINs), replace the Xs as directed, or with any four digits of your choice. Interview Notes Samantha's husband died in March 2013. She has not remarried. Samantha owned and lived in her home since 2010. After struggling to make the mortgage payments for the last few years, she worked out a loan modification agreement with her lender. The modification reduced her principal balance and monthly payment and allowed her to stay in the home. Samantha purchased the home in 2010 for $160,000. In January 2016, at the time of the workout, the balance owed was $145,000. The home was never used in a business or as rental property. The mortgage was used to purchase, and was secured by, the home. Samantha has not filed for bankruptcy. Samantha provided the entire cost of maintaining the household and all the support for her children, Meredith and Oliver, in 2016. Her younger brother, Howard, is permanently and totally disabled. He received disability income which he used to provide more than half of his own support. Samantha lost her job in December 2015. She received unemployment for two months in 2016 until she found a new job. Samantha provides translation services to earn extra income. She received a Form 1099-MISC. Her only expense related to this income was $50 in office supplies. Meredith and Oliver attended day care while Samantha worked. Samantha, Meredith, and Oliver had health insurance that provided minimum essential coverage (MEC) paid by her new employer beginning on March 1, 2016. She and the children did not have MEC for January and February. Samantha, Meredith, and Oliver had health insurance through her previous employer until December 15, 2015. Howard had MEC all year. None of them purchased insurance through the Marketplace. Advanced Scenarios 81 82 Advanced Scenarios Advanced Scenarios 83 84 Advanced Scenarios Advanced Scenarios 85 86 Advanced Scenarios Advanced Scenarios 87 88 Advanced Scenarios Advanced Scenario 7: Quincy and Marian Pike Directions Using the tax software, complete the tax return, including Form 1040 and all appropriate forms, schedules, or worksheets . Answer the questions following the scenario . Note: When entering Social Security numbers (SSNs) or Employer Identification Numbers (EINs), replace the Xs as directed, or with any four digits of your choice. Interview Notes Quincy retired and began receiving retirement income on March 1, 2016 . No distributions were received prior to his retirement . Quincy did not select a joint survivor annuity for these payments . Quincy brought last year's tax return . It includes a capital loss carryover worksheet . Quincy and Marian want to file a joint return. They provided all the cost of keeping up the home and all of the support for their son Lucas . Quincy had Medicare Part A and Part B health coverage all year . Marian and Lucas did not have health insurance at all for 2016 . Marian and Lucas do not qualify for any health insurance coverage exemptions . Lucas has no filing requirement. 90 Advanced Scenarios Advanced Scenarios 91 92 Advanced Scenarios Advanced Scenarios 93 94 Advanced Scenarios Advanced Scenarios 95 96 Advanced Scenarios ABC INVESTMENTS 2016 TAX REPORTING STATEMENT 456 Pima Plaza Your City, YS ZIP Quincy and Marian Pike 388 Noble Circle Your City, YS ZIP Account No . 111-222 Recipient ID No . 317-00-XXXX Payer's Fed ID Number: 40-200XXXX Form 1099-DIV* 2016 Dividends and Distributions Copy B for Recipient (OMB NO . 1545-0110) 1a 1b 2a 2b 2c 2d 3 4 5 6 7 8 9 10 11 12 13 14 Total Ordinary Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .325 .00 Qualified Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .300 .00 Total Capital Gain Distributions (Includes 2b- 2d) . . . . . . . . . . . . . . . . .75 .00 Capital Gains that represent Unrecaptured 1250 Gain . . . . . . . . . . . . . .0 .00 Capital Gains that represent Section 1202 Gain . . . . . . . . . . . . . . . . . . .0 .00 Capital Gains that represent Collectibles (28%) Gain . . . . . . . . . . . . . . .0 .00 Nondividend Distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .0 .00 Federal Income Tax Withheld . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .0 .00 Investment Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .0 .00 Foreign Tax Paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15 .00 Foreign Country or U .S . Possession . . . . . . . . . . . . . . . . . . . . . . . . . . . .0 .00 Cash Liquidation Distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .0 .00 Non-Cash Liquidation Distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . .0 .00 Exempt Interest Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .0 .00 Specified Private Activity Bond Interest Dividends . . . . . . . . . . . . . . . . .0 .00 State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . State Identification No. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . State Tax Withheld . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .0 .00 Form 1099-MISC* 2016 Miscellaneous Income Copy B for Recipient (OMB NO . 1545-0115) 2 Royalties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .0 .00 4 Federal Income Tax Withheld . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .0 .00 8 Substitute Payments in Lieu of Dividends or Interest . . . . . . . . . . . . . . .0 .00 16 State Tax Withheld . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .0 .00 17 State/ Payer's State No . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 State Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .0 .00 Form 1099-INT* 2016 Interest Income Copy B for Recipient (OMB NO . 1545-0112) 1 2 3 4 5 6 7 8 9 10 Interest Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .95 .00 Early Withdrawal Penalty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25 .00 Interest on U .S . Savings Bonds and Treas . Obligations . . . . . . . . . . . . .0 .00 Federal Income Tax Withheld . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .0 .00 Investment Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .0 .00 Foreign Tax Paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .0 .00 Foreign Country or U .S . Possession . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Tax-Exempt Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .150 .00 Specified Private Activity Bond Interest . . . . . . . . . . . . . . . . . . . . . . . . .0 .00 Tax-Exempt Bond CUSIP No . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Summary of 2016 Proceeds From Broker and Barter Exchange Transactions Sales Price of Stocks, Bonds, etc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,875 .00 Federal Income Tax Withheld . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .0 .00 Gross Proceeds from each of your security transactions are reported individually to the IRS . Refer to the Form 1099-B section of this statement . Report gross proceeds individually for each security on the appropriate IRS tax return . Do not report gross proceeds in aggregate . Page 1 of 2 Advanced Scenarios 97 ABC INVESTMENTS 2016 TAX REPORTING STATEMENT 456 Pima Plaza Your City, YS ZIP Quincy and Marian Pike 388 Noble Circle Your City, YS ZIP Account No . 111-222 Recipient ID No . 317-00-XXXX Payer's Fed ID Number: 40-200XXXX FORM 1099-B* 2016 Proceeds from Broker and Barter Exchange Transactions Copy B for Recipient OMB NO . 1545-0715 Short-term transactions for which basis is reported to the IRS Report on Form 8949 with Box A checked and/or Schedule D, Part I (This Label is a Substitute for Boxes 1c & 6) 8 Description, 1d Stock or Other Symbol, CUSIP Action 1a Date of Sale or Exchange 1b Date of Acquisition 1e Quantity Sold (IRS Form 1099-B box numbers are shown below in bold type) 2a Sales Price of Stocks , Bonds, etc . (a) 3 Cost or Gain / Loss (-) Other Basis (b) 5 Wash Sale Loss Disallowed 4 Federal Income Tax Withheld 13 State 15 State Tax Withheld Dakota Co . Common Stock Sale 01/01/2016 09/01/2015 250 .000 TOTALS 2,875 .00 1,500 .00 2,875 .00 1,500 .00 1,375 .00 FORM 1099-B* 2016 Proceeds from Broker and Barter Exchange Transactions Copy B for Recipient OMB NO . 1545-0715 Long-term transactions for which basis is not reported to the IRS Report on Form 8949 with Box E checked and/or Schedule D, Part II (This Label is a Substitute for Boxes 1c & 6) 8 Description, 1d Stock or Other Symbol, CUSIP Action 1a Date of Sale or Exchange 1b Date of Acquisition 1e Quantity Sold (IRS Form 1099-B box numbers are shown below in bold type) 2a Sales Price of Stocks , Bonds, etc . (a) 3 Cost or Gain / Loss (-) Other Basis (b) 5 Wash Sale Loss Disallowed 4 Federal Income Tax Withheld 13 State 15 State Tax Withheld Iowa Co . Common Stock Sale 02/01/2016 06/23/2004 200 .000 TOTALS 3,000 .00 2,234 .00 3,000 .00 2,234 .00 766 .00 This is important tax information and is being furnished to the Internal Revenue Service. If you are required to file a return, a negligence penalty or other sanction may be imposed on you if this income is taxable and the IRS determines that it has not been reported . Page 2 of 2 98 Advanced Scenarios Advanced Scenarios 99 Advanced Scenario 8: Austin Drake Directions Using the tax software, complete the tax return, including Form 1040 and all appropriate forms, schedules, or worksheets . Answer the questions following the scenario . Note: When entering Social Security numbers (SSNs) or Employer Identification Numbers (EINs), replace the Xs as directed, or with any four digits of your choice. Interview Notes Austin works as a customer service employee during the day . He also has a business as a personal trainer, called Austin's Abs . After work, he travels to teach classes at the gym five days a week. Austin is a cash-basis taxpayer who materially participates in the operation of his business. He did not make any payments that would require him to file Form 1099. Austin uses business code 812190 . He received Form 1099-MISC for classes he taught at the gym . He had an additional $3,729 cash income in payments from individual clients . He has a written mileage log showing the following miles for 2016 . All his travel is within his local commuting area . - 3,750 miles from home to his main job - 2,750 miles from his main job to the gym - 1,200 miles from the gym each day to his home The total mileage on his car for 2016 was 11,000 miles . He placed his car in service on January 6, 2011 . He always takes the standard mileage rate . This is Austin's only car and it was available for personal use . Austin has records for other expenses relating to his business: - Advertising: $300 - Supplies: $1,000 - Nutritional supplements for his own consumption: $675 - Business liability insurance: $610 - Business license: $150 Austin has a statement from his church stating he donated $500 on December 1, 2016 . Austin also brought his Form 1098 showing the mortgage interest, mortgage insurance premium, and real estate tax he paid . Austin has receipts for an eye exam for $80 and prescription contact lenses for $300 . Advanced Scenarios 101 This year, Austin will deduct state income tax on Schedule A . Last year, he deducted state sales tax instead of state income tax . Austin's school loan was for qualified education expenses at an eligible institution. Austin has never taken a distribution from a retirement account and he was not a full-time student during 2016 . Austin has health insurance through his employer that qualifies as minimum essential coverage . His employer pays the premium . 102 Advanced Scenarios Advanced Scenarios 103 104 Advanced Scenarios Advanced Scenarios 105 106 Advanced Scenarios Advanced Scenarios 107 108 Advanced Scenarios