REG Study Group July August 2013 - Page 37

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  • June 30, 2013 at 7:31 pm #439160
    JAltNJCPA
    Member

    Long weekend of studying. I think I'm going to call it quits for now. I've got another week before my exam. Good luck to those taking it this week.

    One item to clarify. For individual tax, the medical expense deduction limit remains at 7.5% of AGI for 2013. I thought that I've seen earlier on this post that it is 10% beginning this year; it isn't.

    Good luck all!

    FAR – passed

    AUD – passed

    BEC – passed

    REG – July 9

    Roger, ninja audio and Wiley test bank

    FAR: 84 (expires May '14)
    AUD: 82
    BEC: 91
    REG: 78

    done, Done, DONE!!!

    Roger CPA Review, Wiley Test Bank, NINJA Audio

    June 30, 2013 at 7:31 pm #439304
    JAltNJCPA
    Member

    Long weekend of studying. I think I'm going to call it quits for now. I've got another week before my exam. Good luck to those taking it this week.

    One item to clarify. For individual tax, the medical expense deduction limit remains at 7.5% of AGI for 2013. I thought that I've seen earlier on this post that it is 10% beginning this year; it isn't.

    Good luck all!

    FAR – passed

    AUD – passed

    BEC – passed

    REG – July 9

    Roger, ninja audio and Wiley test bank

    FAR: 84 (expires May '14)
    AUD: 82
    BEC: 91
    REG: 78

    done, Done, DONE!!!

    Roger CPA Review, Wiley Test Bank, NINJA Audio

    June 30, 2013 at 7:31 pm #439162
    JAltNJCPA
    Member

    Long weekend of studying. I think I'm going to call it quits for now. I've got another week before my exam. Good luck to those taking it this week.

    One item to clarify. For individual tax, the medical expense deduction limit remains at 7.5% of AGI for 2013. I thought that I've seen earlier on this post that it is 10% beginning this year; it isn't.

    Good luck all!

    FAR – passed

    AUD – passed

    BEC – passed

    REG – July 9

    Roger, ninja audio and Wiley test bank

    FAR: 84 (expires May '14)
    AUD: 82
    BEC: 91
    REG: 78

    done, Done, DONE!!!

    Roger CPA Review, Wiley Test Bank, NINJA Audio

    June 30, 2013 at 7:31 pm #439306
    JAltNJCPA
    Member

    Long weekend of studying. I think I'm going to call it quits for now. I've got another week before my exam. Good luck to those taking it this week.

    One item to clarify. For individual tax, the medical expense deduction limit remains at 7.5% of AGI for 2013. I thought that I've seen earlier on this post that it is 10% beginning this year; it isn't.

    Good luck all!

    FAR – passed

    AUD – passed

    BEC – passed

    REG – July 9

    Roger, ninja audio and Wiley test bank

    FAR: 84 (expires May '14)
    AUD: 82
    BEC: 91
    REG: 78

    done, Done, DONE!!!

    Roger CPA Review, Wiley Test Bank, NINJA Audio

    June 30, 2013 at 8:13 pm #439164
    Heidi-O
    Member

    Medical Expense Deduction Floor is 10% when any tax filer is UNDER age 65. If ONE of the married couple is 65 or older, the Medical Expense Deduction Floor is 7.5%

    So, Bob (our manufacturing guy) is 34 years old and is married to Anna who is 40. They have 100,000 in AGI. They have $25,000 in qualified medical expenses (mainly psychiatric, they are both studying for the CPA exam).

    Their Medical Expense Deduction Floor is AGI 100,000 x 10% = $10,000 floor. So they can itemize $15,000 ($25,000 – $10,000 floor) in Medical Expenses.

    Same scenario as above except that Bob is 92 years old and is married to Anna Nicole who is 32 years old. They have 100,000 in AGI. Anna has $25,000 in qualified medical expenses.

    Their Medical Expense Deduction Floor is AGI 100,000 x 7.5% = $7,500 floor. Because ONE of them is over age 65.

    They itemize their Medical Expense Deduction and can deduct $17,500 ($25,000 – $7,500 floor)

    When calculating their AMT, the Medical Expense Deduction is limited to 10%.

    Make sense? 🙂

    FAR Aug 2012 79
    AUD Oct 2012 84
    REG Aug 2013 87
    BEC Jan 2013 80

    June 30, 2013 at 8:13 pm #439308
    Heidi-O
    Member

    Medical Expense Deduction Floor is 10% when any tax filer is UNDER age 65. If ONE of the married couple is 65 or older, the Medical Expense Deduction Floor is 7.5%

    So, Bob (our manufacturing guy) is 34 years old and is married to Anna who is 40. They have 100,000 in AGI. They have $25,000 in qualified medical expenses (mainly psychiatric, they are both studying for the CPA exam).

    Their Medical Expense Deduction Floor is AGI 100,000 x 10% = $10,000 floor. So they can itemize $15,000 ($25,000 – $10,000 floor) in Medical Expenses.

    Same scenario as above except that Bob is 92 years old and is married to Anna Nicole who is 32 years old. They have 100,000 in AGI. Anna has $25,000 in qualified medical expenses.

    Their Medical Expense Deduction Floor is AGI 100,000 x 7.5% = $7,500 floor. Because ONE of them is over age 65.

    They itemize their Medical Expense Deduction and can deduct $17,500 ($25,000 – $7,500 floor)

    When calculating their AMT, the Medical Expense Deduction is limited to 10%.

    Make sense? 🙂

    FAR Aug 2012 79
    AUD Oct 2012 84
    REG Aug 2013 87
    BEC Jan 2013 80

    June 30, 2013 at 8:34 pm #439166
    Heidi-O
    Member

    IRC 213(a)

    There shall be allowed as a deduction the expenses paid during the taxable year, not compensated for by insurance or otherwise, for medical care of the taxpayer, his spouse, or a dependent (as defined in section 152, determined without regard to subsections (b)(1), (b)(2), and (d)(1)(B) thereof), to the extent that such expenses exceed 10 percent of adjusted gross income.

    IRC 213(f)

    In the case of any taxable year beginning after December 31, 2012, and ending before January 1, 2017, subsection (a) shall be applied with respect to a taxpayer by substituting “7.5 percent” for “10 percent” if such taxpayer or such taxpayer's spouse has attained age 65 before the close of such taxable year.

    FAR Aug 2012 79
    AUD Oct 2012 84
    REG Aug 2013 87
    BEC Jan 2013 80

    June 30, 2013 at 8:34 pm #439310
    Heidi-O
    Member

    IRC 213(a)

    There shall be allowed as a deduction the expenses paid during the taxable year, not compensated for by insurance or otherwise, for medical care of the taxpayer, his spouse, or a dependent (as defined in section 152, determined without regard to subsections (b)(1), (b)(2), and (d)(1)(B) thereof), to the extent that such expenses exceed 10 percent of adjusted gross income.

    IRC 213(f)

    In the case of any taxable year beginning after December 31, 2012, and ending before January 1, 2017, subsection (a) shall be applied with respect to a taxpayer by substituting “7.5 percent” for “10 percent” if such taxpayer or such taxpayer's spouse has attained age 65 before the close of such taxable year.

    FAR Aug 2012 79
    AUD Oct 2012 84
    REG Aug 2013 87
    BEC Jan 2013 80

    June 30, 2013 at 9:09 pm #439168
    JAltNJCPA
    Member

    Wow, appears I got bad info. Thanks.

    FAR: 84 (expires May '14)
    AUD: 82
    BEC: 91
    REG: 78

    done, Done, DONE!!!

    Roger CPA Review, Wiley Test Bank, NINJA Audio

    June 30, 2013 at 9:09 pm #439312
    JAltNJCPA
    Member

    Wow, appears I got bad info. Thanks.

    FAR: 84 (expires May '14)
    AUD: 82
    BEC: 91
    REG: 78

    done, Done, DONE!!!

    Roger CPA Review, Wiley Test Bank, NINJA Audio

    June 30, 2013 at 9:43 pm #439170
    Heidi-O
    Member

    Can someone help me that has the Wiley test bank? I downloaded the test bank so that I could use it off line and took a quiz. It wont let me review the quiz results unless I connect back to the internet and upload the results.

    Is there any way to look at the questions that you got wrong and the correct answers when off line?

    Thanks.

    FAR Aug 2012 79
    AUD Oct 2012 84
    REG Aug 2013 87
    BEC Jan 2013 80

    June 30, 2013 at 9:43 pm #439314
    Heidi-O
    Member

    Can someone help me that has the Wiley test bank? I downloaded the test bank so that I could use it off line and took a quiz. It wont let me review the quiz results unless I connect back to the internet and upload the results.

    Is there any way to look at the questions that you got wrong and the correct answers when off line?

    Thanks.

    FAR Aug 2012 79
    AUD Oct 2012 84
    REG Aug 2013 87
    BEC Jan 2013 80

    June 30, 2013 at 10:26 pm #439172
    Anonymous
    Inactive

    I'm new to the Becker material and for the last two weeks of Review how does everyone incorporate the final review? Do you just go through that material or do you try to re work all of the questions and then do the final review material? Seems like a lot to get through in 2 weeks if you were to re work all the MC's and then do the final review and 2 exams. Just wanted to get some additional thoughts and feedback, appreciate it.

    June 30, 2013 at 10:26 pm #439316
    Anonymous
    Inactive

    I'm new to the Becker material and for the last two weeks of Review how does everyone incorporate the final review? Do you just go through that material or do you try to re work all of the questions and then do the final review material? Seems like a lot to get through in 2 weeks if you were to re work all the MC's and then do the final review and 2 exams. Just wanted to get some additional thoughts and feedback, appreciate it.

    June 30, 2013 at 11:40 pm #439174
    peetree
    Member

    @dsteele I make sure I do the wiley test bank after becker as sometimes, going through the same questions allows you to just remember the answers and not learn the concepts as much.

    The wiley test bank also asks things a little bit differently and also touches up on topics that becker doesn't hit that hard. I strongly recommend it for a good way to round out your final review.

    FAR 02/21/13 - 95
    REG 07/02/13 - 87
    AUD 08/02/13 - 94
    BEC 08/30/13 - 85
    Ethics Exam - 90

    Illinois candidate awaiting his license

    Used Becker Self Study | Ninja Audio | Becker Flash Cards | Ninja Notes | Wiley Test Bank

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