[jcw1503]

As I begin studying for my rematch with REG I decided that during my break I will share some of my mnemonics. They may appear stupid and seem like they are crazy but it worked for me last time. I know I didn’t pass but I feel like I did well on these areas because of these. Like them, don’t like them, use them, or don’t use them….

AGI Deductions:

HIS MET IRA SLIT MATA JUDY

Health/Savings Account

Investment penalities for early withdraws of 401K

Self-Employment (Goes along with “MET”)

Medical Premiums and

Employment-

Tax

I

R > (IRA Contributions-Except Roth)

A /

Student-

Loan-

Interest and

Tuition

Moving Expenses

Alimony

Teaching Expenses

Attorney Fees for Discrimination Lawsuits

J

U > (Jury Duty Pay that is given back to employer)

D /

Y /

Schedule A-Itemized Deductions:

Both Foreign and State Medical Property is an Investment with a Mortgage and it would be a Casulty for a Misc. Charity.

Foreign Taxes Paid

State Income Taxes/State Sales Tax

Medical Expenses

Property Taxes

Investment Interest Expense

Mortgage Interest Expense

Casulty Loss

Misc. Deductions

Charitable Contributions

AMT Adjustments:

40 MAC150s (Think of these as a Mack Truck-Transfer Truck) costs 10% of Medical Expenses. Mortgages are Interested in Misc. Taxes, while Privates (Used as a private in the military in my head) are Interested in Personal and Standard Construction Installments.

40= S/L 40 for Real-Estate is used

MAC150s= MACRS 150% is used instead of MACRS 200%

10% of Medical Expenses= In excess of 10% of AGI not 7.5%.

Mortgages are Interested= Mortgage Interest Expense for mortgages not used on house is not allowed.

Misc.= Misc. Deductions are not allowed

Taxes= No State Income/Sales Tax/Property Tax Deductions

Privates are Interested= No Tax Exempt Interest from Private Activity Boards Allowed.

Personal and Standard= No Personal Exemptions or Standard Deductions allowed.

Construction= Only allowed to use % of Completion for Construction

Installment= No installemtn sales allowed.

Good Luck!!!!

FAR - Attempt 1-(70)...Attempt 2 (Passed Baby)-Praise the Lord-Couldn't have done it without him.
AUD- Attempt 1-Passed!!!!!!!!! )-Praise the Lord-Couldn't have done it without him.
REG-Attempt 1-(73)...Attempt 2 (Passed Baby)-Praise the Lord-Couldn't have done it without him.
BEC-Attempt 1-(71)...Attempt 2 (Passed Baby)-Praise the Lord-Couldn't have done it without him.

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