REG Study Group October November 2013 - Page 130

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  • October 13, 2013 at 5:25 pm #481178
    Kenada
    Member

    Thank you UMCPA!! I haven't done a calculation that way but OK.. I see this now 🙂

    I am weak with Self Employment Tax etc

    today I am just focusing on all tax topics.. I need to get my Game on on Tax before i revisit B law tomorrow 🙂

    Good Luck for Tomorrow. I have a good feeling you will do well.

    FAR 05/27/14; 786/110 - Done !

    October 13, 2013 at 5:45 pm #481155
    UCMCPA
    Member

    I've already done 120 questions today, will likely do another 30-80 more. Flip through the blaw chapters, reexamine the mnemonics, and call it good around 5-6 pm. Wake up at 5 am, review a little, then head to my test at 8

    FAR - 84
    AUD - 94
    REG - 86
    BEC - 86

    October 13, 2013 at 5:45 pm #481180
    UCMCPA
    Member

    I've already done 120 questions today, will likely do another 30-80 more. Flip through the blaw chapters, reexamine the mnemonics, and call it good around 5-6 pm. Wake up at 5 am, review a little, then head to my test at 8

    FAR - 84
    AUD - 94
    REG - 86
    BEC - 86

    October 13, 2013 at 6:36 pm #481157
    Mehwish
    Member

    I noticed I had to double check on plenty of the tax deduction dollar amounts to make sure they are the same for 2013. Plenty of them are different. I just checked on the IRA deductions. Wiley 2013 REG book said the max contribution on IRA is 5000$(6000$ if older than 50). IRS website said contribution is limited to 5500$(and 6500$ if 50 and older).

    Does anyone have any updates regarding charity deductions? Are they still 50% of AGI, 30% of AGI for LTCG?

    October 13, 2013 at 6:36 pm #481182
    Mehwish
    Member

    I noticed I had to double check on plenty of the tax deduction dollar amounts to make sure they are the same for 2013. Plenty of them are different. I just checked on the IRA deductions. Wiley 2013 REG book said the max contribution on IRA is 5000$(6000$ if older than 50). IRS website said contribution is limited to 5500$(and 6500$ if 50 and older).

    Does anyone have any updates regarding charity deductions? Are they still 50% of AGI, 30% of AGI for LTCG?

    October 13, 2013 at 7:11 pm #481159
    Kenada
    Member

    To qualify for the Child Care Credit on a joint return, at least one spouse must

    1.Have an Adjusted Gross Income of $15,000 or Less

    2. Be Gainfully Employed When Related Expenses Are Incurred

    A. Yes Yes

    B. Yes No

    C. No No

    D. No Yes

    Answer (C) is correct.

    The IRC allows a nonrefundable credit to a provider of care to dependents for a limited portion of expenses necessary to enable gainful employment. The credit claimant must have qualified child care expenses when the claimant is employed or actively seeking gainful employment. The credit amount is not eliminated when AGI exceeds $15,000, only phased down from 35% to 20% in increments of 1% for each $2,000 AGI exceeds $15,000.

    I am confused.

    I would have thought the Be Gainfully employee would be yes and I thought if you have over 43,000 AGI then your credit is limited to 20%. So the Phase out is 1% for every 2000.00 over the AGI limit of 15,000. Someone Help please.

    FAR 05/27/14; 786/110 - Done !

    October 13, 2013 at 7:11 pm #481184
    Kenada
    Member

    To qualify for the Child Care Credit on a joint return, at least one spouse must

    1.Have an Adjusted Gross Income of $15,000 or Less

    2. Be Gainfully Employed When Related Expenses Are Incurred

    A. Yes Yes

    B. Yes No

    C. No No

    D. No Yes

    Answer (C) is correct.

    The IRC allows a nonrefundable credit to a provider of care to dependents for a limited portion of expenses necessary to enable gainful employment. The credit claimant must have qualified child care expenses when the claimant is employed or actively seeking gainful employment. The credit amount is not eliminated when AGI exceeds $15,000, only phased down from 35% to 20% in increments of 1% for each $2,000 AGI exceeds $15,000.

    I am confused.

    I would have thought the Be Gainfully employee would be yes and I thought if you have over 43,000 AGI then your credit is limited to 20%. So the Phase out is 1% for every 2000.00 over the AGI limit of 15,000. Someone Help please.

    FAR 05/27/14; 786/110 - Done !

    October 13, 2013 at 8:07 pm #481161
    UCMCPA
    Member

    Choice C is correct… you get the deduction regardless of how much income you have. I'm sure there is a top-phase out limitation though, can't recall. Gainfully employed is also a trick term, you can be SEARCHING for work as well and still have those expenses qualify, you don't have to be employed.

    FAR - 84
    AUD - 94
    REG - 86
    BEC - 86

    October 13, 2013 at 8:07 pm #481186
    UCMCPA
    Member

    Choice C is correct… you get the deduction regardless of how much income you have. I'm sure there is a top-phase out limitation though, can't recall. Gainfully employed is also a trick term, you can be SEARCHING for work as well and still have those expenses qualify, you don't have to be employed.

    FAR - 84
    AUD - 94
    REG - 86
    BEC - 86

    October 13, 2013 at 8:19 pm #481163
    KRina
    Member

    Hi Everyone, I took FAR yesterday and I am already moving on to REG which I take end of Nov. This will be my fourth time taking REG as I lost my last credit. Between work and kids, I haev failed, passed and lost credits. I am determined to be done by the end of this year

    What is the best strategy to study with only 5 weeks to go before the exam?

    Any tips for REG and have the Ninja notes been updated as I am still using the old ones? I need help and new ninja notes for REG please.

    Thanks,

    October 13, 2013 at 8:19 pm #481188
    KRina
    Member

    Hi Everyone, I took FAR yesterday and I am already moving on to REG which I take end of Nov. This will be my fourth time taking REG as I lost my last credit. Between work and kids, I haev failed, passed and lost credits. I am determined to be done by the end of this year

    What is the best strategy to study with only 5 weeks to go before the exam?

    Any tips for REG and have the Ninja notes been updated as I am still using the old ones? I need help and new ninja notes for REG please.

    Thanks,

    October 13, 2013 at 8:46 pm #481165
    Kenada
    Member

    Oh OK so correct me if i am wrong and didn't understand it

    If they had said the following then both answers would have been yes and yes ?

    1 Have earned income.

    2. Be Gainfully Employed or Searching for employment when Related Expenses Are Incurred.

    FAR 05/27/14; 786/110 - Done !

    October 13, 2013 at 8:46 pm #481190
    Kenada
    Member

    Oh OK so correct me if i am wrong and didn't understand it

    If they had said the following then both answers would have been yes and yes ?

    1 Have earned income.

    2. Be Gainfully Employed or Searching for employment when Related Expenses Are Incurred.

    FAR 05/27/14; 786/110 - Done !

    October 13, 2013 at 9:15 pm #481167
    Anonymous
    Inactive

    @IY247 I would agree with that. They need to atleast have SOME earned income and be searching for work or are gainfully employed at time expenses are incurred,

    October 13, 2013 at 9:15 pm #481192
    Anonymous
    Inactive

    @IY247 I would agree with that. They need to atleast have SOME earned income and be searching for work or are gainfully employed at time expenses are incurred,

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