[SponsoredByDunkinDonuts]

Do we need to memorize the exact amounts of the personal/dependent exemptions? And/or the increase to the standard deduction for being elderly or blind? I understand those concepts but I haven’t committed the exact numbers to memory.

Has anyone taken the exam before and have any words of wisdom?

AUD- 99 (11/26/2014)
BEC- 81 (1/12/2015)
REG- 85 (2/28/2015)
FAR- ?? (5/18/2015)

[Anonymous]

The only number I wouod memorize is the mom and pop exemptions. Everything else is subject to annual inflation so no I wouldn't memorize it. They will provide you with the numbers if the question need be

[govtec]

Hi DD – Are you really sponsored by DD? lol

I took the exam once and failed the prior testing window. I'm scheduled for the test again on 2/28. To answer your question, no you do not have to memorize numbers. You only need to know a few like mom and pop phaseout, section 179, business startup cost $5K/$50K, business gift $25 and a few others mentioned in Ninja Notes.

BEC - 12/13
FAR - 5/14
AUD - 8/14
REG - 2/15
Passed 6 of 6 CLEP Exam

[Anonymous]

na

[Anonymous]

Nope – definitely don't worry much about phase-outs – except for the Sec. 179 deduction.

[OnMyWay732]

They don't go much into the numbers because they change each year. They want to make sure you understand the concept behind the numbers.

AUD - July 2014 - 76
REG - August 2014 - 82
FAR - November 2014 - 78
BEC - January 2015 - 81

DONE!!!!

Used Becker online. Who needs a text when you can burn your eyes out staring at the screen for months on end?

"Let me tell you something you already know. The world ain't all sunshine and rainbows. It is a very mean and nasty place and it will beat you to your knees and keep you there permanently if you let it. You, me, or nobody is gonna hit as hard as life. But it ain't how hard you're hit; it's about how hard you can get hit, and keep moving forward. How much you can take, and keep moving forward. That's how winning is done!"

[Anonymous]

wow what a bummer…i spent my last weekend of review memorizing a lot of the numbers. Oh well better to be safe and have no regrets

[Anonymous]

I second what cpa8488 and govtec said. They will flat out provide you with numbers if need be. The examiners do not want to re-write the questions year after year. Just learn the concepts and calculations where need be. They will instead ask you “how many personal exemptions does this family qualify for” as opposed to asking you their return's exemption amount. They would rather see you can determine if a child or potentially dependent relative qualifies than remember the dollar amounts.

Another example, one calculation they may test is the kiddie tax. Don't remember the standard deduction amount (which is included as part of that calculation), they will provide you with a mock one for the calculation, just remember how its calculated, the overall formula, and you are good! For example, the question may say, “assume the standard deduction is $800, calculate the tax on the dependent child's unearned income if…”

[Author]

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