[Anonymous]

I’m redoing Becker SIMS and I’m little confused.

On one of the R2 SIMS (related to Schedule A), I’m asked to list bunch of itemized deductions…including the medical and theft losses. However, when I’m listing the medical deduction, they ignore the “7.5% limitation” and add all the expenses (disregarding the percentage limitation)….BUT same isn’t done when it comes to casualty and theft losses.

SO, if I’m asked to fill out schedule A (I doubt I’ll be since this will be so easy), should I enter the amount after taking percentage limitation or without it?

This might be a dumb question, but had to ask. Thanks:)

[jamesblunt69]

aight son, listen up. that aint no dumb question, there aint no dumb questions. but dont you be getting yoself hung up on these little things. jus read what the good AICPA wrote on tha question and answer the thing. dont be readin in to it or some shit, you get yoself all confused.

it'll specificity whether the answer should be before or after any AGI limitations dogg

an dont forget to do that shit less $100 bux, the taxman gon take every bit he can get his hands on heh

[Anonymous]

Haha thanks:!)

[jokami]

@CPA628

I did that sim today and it happened to me too…. But then I realized that they were asking for “qualified medical expense” and not for the actual deduction…

Qualified medical expense

– insurance reimbursement

=

Qualified medical expense

– 7.5% AGI

=

Deductible Medical expense

Remember to look for the call of the questions… And in this one they are asking for qualified medical expense, which is the first part of the formula…

I hope this helps you…

B - 62, 70, 72, 79!!!
A - 68, 81
R - 70, 82
F - 84

"The limit to your abilities is where you place them" - Fortune Cookies

[Anonymous]

Thank you SOOO MUCH!! I didn't even notice that, and I'm glad you pointed it out.

I feel like I know the concepts, but little details like this will throw me off on the exam day:( Gotta read the question closely.

Thanks again & Good Luck!

[jokami]

Don't worry that is what we are here for… I hope to pass this one!!!! I am now starting my hate towards this test!!!!

B - 62, 70, 72, 79!!!
A - 68, 81
R - 70, 82
F - 84

"The limit to your abilities is where you place them" - Fortune Cookies

[MyCogitate]

I also wondering to pass this test.. hopefully

[jokami]

@MyCogitate

Welcome to the force against REG!

I hope you are reviewing by now; I have not finished the book yet… Lets see how this one goes!!!!!!!

@JamesBlunt69

Your post made me laugh so hard… I even go back to it when I'm in a bad mood!!!! FUNNY!!!!

B - 62, 70, 72, 79!!!
A - 68, 81
R - 70, 82
F - 84

"The limit to your abilities is where you place them" - Fortune Cookies

[Author]

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