[EuroAddict]

Becker’s review mainly says just know that they exist but how important is it to know the exact amount? There are so many of them and hard to keep straight. I don’t want to sped a lot of time on it if I don’t have to.

For instance: Excessive AGI for IRA 61-71 for single, 98-118 joint.

-----------------------------
BEC - 77, 03/2015 (first try)
FAR - 79, 05/2015 (second try)
REG - 83, 12/2015 (first try)
AUD - 84, 03/2015 (first try)

I got 99 problems but the CPA ain't one.

[MaLoTu]

AGI is important for the mom and pop tax. Or whatever it is called. The one that deals with passive income losses to individuals, but other than that I don't recall AGI limits being critical. Know how to get to AGI and the difference between above line deductions and below the line deductions.

[EuroAddict]

That's what I was hoping for.

-----------------------------
BEC - 77, 03/2015 (first try)
FAR - 79, 05/2015 (second try)
REG - 83, 12/2015 (first try)
AUD - 84, 03/2015 (first try)

I got 99 problems but the CPA ain't one.

[Anonymous]

I think there are a few you need a general idea of, like the rental loss AGI limit, maybe IRA limits. I tried to get an idea of the ballpark AGI limits for the tax credits that kept showing up again and again in my MCQs. I paid more attention to the limits that were round, even numbers (150k) rather than something like 89,475.

I had asked the same thing a few months back, I asked if we needed to know the limits for ” section 179, org costs, and a few others, but the question was directed more toward tax credits, like the American Opportunity Credit”

And Jeff replied:

^ I would know these.

[SIMmer Down]

Here's what I would know:

What is AGI? (Especially it's relation to “deduction for AGI” and “deduction from AGI”)

What is the purpose of it? It's basically a number which you use to calculate various phase outs.

Know how to calculate AGI.

I would not waste my time learning how to calculate the phase outs.

Credit:

4 years public accounting experience in individual taxation

[MaLoTu]

Also, not directly related to AGI, but gift and estate taxes are important to know and definitely with gift tax you will need to know the limits. I almost underestimated that section of Becker, but I am glad someone advised me otherwise. That whole chapter about property tax, gift tax, and estate taxes is important.

[Author]

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