[Anonymous]

On one of the practice simulations, you are given a list of transactions, and you have to figure out which transaction goes with which category below. How do you memorize all of that stuff, with what transaction goes on which category?

A. Not deductible.

B. Deductible in Schedule A—Itemized Deductions, subject to threshold of 7.5% of adjusted gross income.

C. Deductible in Schedule A—Itemized Deductions, subject to threshold of 2% of adjusted gross income.

D. Deductible on page 1 of Form 1040 to arrive at adjusted gross income.

E. Deductible in full in Schedule A—Itemized Deductions.

F. Deductible in Schedule A—Itemized Deductions, subject to maximum of 50% of adjusted gross

income.

[vanadium3]

best way is to read every line on sch A and page 1 of 1040.

CPA

[vanadium3]

best way is to read every line on sch A and page 1 of 1040.

CPA

[Only Reg Left]

It's not as bad as it seems, but I can see how it can be overwhelming when just reading the text books or IRS instructions. The best thing is to memorize Schedule A and see where everything goes and try to understand the flow.

Unless you actually do it, reading isn't going to help. It's nice to actually see some information/documents that don't apply.

A) Donations to political parties, meals while volunteering locally, dry cleaning your uniforms, buying Advil, claiming casualty loss for dropping your phone in the toilet, gym memberships, etc.

B) This should be 10% for under 65 – includes doctor visits, eyeglasses, contacts, miles driven to hospitals, insurance

C) Tax return preparation fees, safety deposit box, employee business expenses, subscriptions, dues, uniforms

D) Deductions like Traditional IRA contributions, alimony, student loans, medical savings account

E) Property taxes, state or sales tax, mortgage interest (if home is under 1mm), gambling losses up to gambling winnings

F) Cash donations to church. Donations of clothes, TVs, household goods to salvation army. Donations to charitable events (the key to remember with this one is to subtract the FMV with the price you actually paid and take the excess as the deduction)

AUD - 68, 77
REG - 84* (Expired)
FAR - 83
BEC - 74, 74, 72, 72, 84

[Only Reg Left]

It's not as bad as it seems, but I can see how it can be overwhelming when just reading the text books or IRS instructions. The best thing is to memorize Schedule A and see where everything goes and try to understand the flow.

Unless you actually do it, reading isn't going to help. It's nice to actually see some information/documents that don't apply.

A) Donations to political parties, meals while volunteering locally, dry cleaning your uniforms, buying Advil, claiming casualty loss for dropping your phone in the toilet, gym memberships, etc.

B) This should be 10% for under 65 – includes doctor visits, eyeglasses, contacts, miles driven to hospitals, insurance

C) Tax return preparation fees, safety deposit box, employee business expenses, subscriptions, dues, uniforms

D) Deductions like Traditional IRA contributions, alimony, student loans, medical savings account

E) Property taxes, state or sales tax, mortgage interest (if home is under 1mm), gambling losses up to gambling winnings

F) Cash donations to church. Donations of clothes, TVs, household goods to salvation army. Donations to charitable events (the key to remember with this one is to subtract the FMV with the price you actually paid and take the excess as the deduction)

AUD - 68, 77
REG - 84* (Expired)
FAR - 83
BEC - 74, 74, 72, 72, 84

[Author]

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