[calicpa]

Do we have to know all the phase-outs and deduction amounts for REG? I know we dont have to know the ones that are indexed for inflation, but for example do we have to know the charitable contribution % and NOL carry forward and back years? Or do they give you all the information you need to answer the MCQs?

BEC - 84, 4/6/13
AUD - 77, 5/28/13
REG - 83, 4/12/14
FAR - 83, 10/3/13

Ethics - 90% 4/24/13

150 unit education requirement met!
Work experience met!

[k1zuna]

charitable contribution % and NOL carry forward and back years are basic, basic stuff you should know.

The only things we shouldn't know are phase out amounts and some random AGI limitations. If you are using becker, just memorize the amounts they test you in MCQS

FAR - Passed
AUD - Passed
BEC - Passed
REG - 8/22/2013

[calicpa]

how about the less basic ones like the american opportunity tax credit phase out amounts? will these be given in a problem?

BEC - 84, 4/6/13
AUD - 77, 5/28/13
REG - 83, 4/12/14
FAR - 83, 10/3/13

Ethics - 90% 4/24/13

150 unit education requirement met!
Work experience met!

[barelystayingsane]

Don't worry about phase-out amounts, except for maybe the traditional deductible IRA amounts and the phase-out amount for the mom and pop exception to passive loss deductibility. Just know what deductions, credits, etc. do have phase-outs. An easy way to remember a lot of them is that all of the education-related deductions and credits have a phase-out (except for the educator expense adjustment).

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