[abacus]

I have heard that we should not memorize limitations and phase out amounts, but that we should be familiar. Does this only apply to standard deductions and exemption amounts or various things like dependent child care and social security limitations? For example, should I know the base amounts: 32k for MFJ, 0 for MFSLT and 25 for all others and the adjusted base amounts: 44k for MFJ, 0 for MFSLT and 34k for all others or just that there is a limit? Trying to keep track of all of these details makes for a fun time, indeed!

BEC 81
AUD 76
FAR 70, 76
REG 58, 78! DONE!

"I am not my intentions. I am my actions."

[musicamor]

I do not believe you need to have those kinds of amounts memorized. Why? Because they change year after year and the exam does not have enough breadth and width to hold candidates responsible for ever-changing numbers. I never encountered those numbers on an exam–where I was required to remember said numbers.

Texas CPA - licensed in 2012!!!

[Author]

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