[jeff]

Free Study Planner, Notes, Audio, Flashcards: https://www.another71.com/cpa-exam-study-plan/

Free CPA Exam Survival Guide: https://www.another71.com/cpa-exam-survival-guide/

Post by Another71.

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[WANNABE_CPA]

@AmorD, C ?

FAR : 68, 74, 83 Thank you God 🙂
BEC : 78 (8/27) 🙂
REG : 72 ,80 (2/25) 🙂
AUD : 69,67, 07/23

[BEACPA]

Amor D,

I'm not familiar with all of the rudiments involved, however, based on my knowledge, your graduate program would allow you to waive the penalty as long as the entire withdraw went towards your graduate program. For example, if you withdrew 10k and your educational expense were only 8k, then you might not be able to waive the penalty. On the other hand, if your educational expense was 10K and you withdrew 8k from your IRA, then you should be okay. Just a disclaimer, I'm not a tax professional and I'm finding tax to be the most challenging because I only dealt with my own individual taxes.

BTW, what review course are you using? I'm using Becker.

FAR - 2/28/14 PASS Praise be to God!
AUD - 7/5/14 PASS Praise be to God!
BEC - 11/29/14PASS Praise be to God!
REG - 2/28/14 PASS Praise be to God!

[Anonymous]

@Wannabe, C is correct. I don't think I can trick you with any non-taxability and taxability matters as far as government bonds/interests are concerned, LOL!

@Beacpa, I am using Becker too. I like Peter Olinto's audio lectures on any portable gadgets. I could follow his coaching while multi-tasking, like doing chores or driving.

How can we follow the audio lectures if the lecturer can only instruct “Highlight that, underline that.”?

Becker lectures should be blind-user friendly just like NINJA audio.

[BEACPA]

Amor D,

True. The Becker lectures aren't as blind-user friendly as NINJAs. Plus, I like the fact that Jeff condenses it down to a very small fraction of key areas. Becker is too voluminous for me to listen to on the way to work, etc.

I just finished the first module of R6 and my exam is on 28 Feb. I was hoping to be further along, but R3 & R4 almost killed me. I'm working towards giving myself at least 2 weeks for a final review. That is, redo all of the MCQs and 2 practice exams.

Thanks for the challenging questions. I like your Scripture passage from Philippians. It's true! Happy studying.

FAR - 2/28/14 PASS Praise be to God!
AUD - 7/5/14 PASS Praise be to God!
BEC - 11/29/14PASS Praise be to God!
REG - 2/28/14 PASS Praise be to God!

[WANNABE_CPA]

@AmorD , i think i have somewhat crammed it. I see Treasury Bonds differently to remember that they are taxable and they are federal bonds. I used to get Treasury and Municipal mixed up. I would really like to know the logic behind why they are taxable and state and local bonds are not taxable.

FAR : 68, 74, 83 Thank you God 🙂
BEC : 78 (8/27) 🙂
REG : 72 ,80 (2/25) 🙂
AUD : 69,67, 07/23

[Anonymous]

Good question @Wannabe!

Here, I found this from Investopedia:

7. Income Earned in Nine States

Under the U.S.'s federalist system, each state is able to make many of its own laws. So even though most income is taxable at the federal level, and most states also levy a state tax on income, nine states – Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming (as of 2009) – have chosen to not levy a state income tax on their residents. This tax break encourages people to vote with their feet and move to these states where they will be able to keep more of their income. (Which states are tax-effective retirement locales? It depends on the source of your retirement income, read Finding A Retirement-Friendly State.)

[knicks92]

i know this question has been asked a million times but can someone please explain why medical expenses is included? I thought medical expenses that exceed 10% of AGI are added back for AMT purposes

Robert had current-year adjusted gross income of $100,000 and potential itemized deductions as follows:

Medical expenses (before percentage limitations)

$ 12,000

State income taxes

4,000

Real estate taxes

3,500

Qualified housing and residence mortgage interest

10,000

Home equity mortgage interest (used to consolidate personal debts)

4,500

Charitable contributions (cash)

5,000

What are Robert's itemized deductions for alternative minimum tax?

a.

$25,500

b.

$17,000

c.

$19,500

d.

$21,500

Tough times don't last. Tough people do.

B: 88
A: 77
R: 89
F:

[lauren725]

knicks, is this question in becker? if so what # is it? I remember doing it the other day and getting it to make sense but now I am having trouble remembering the exact rule and the book is confusing me on it.

AUD - 73,91
FAR - 79 - Thank you God!
BEC - 73,79!!!!
REG - 92 whatttt??!

I used Becker review + flashcards, Ninja Audio, Ninja MCQ supplement on BEC and REG.

Done! Praise God!

[leglock]

@knicks92:

first let me say the bulls in 92 were a great team.

Secondly, with respect to your question, Becker does a terrible job explaining this simple concept. Becker's material almost leads one to do things the opposite of how they are supposed to be done.

With respect to medical, AMT allows you to deduct anything over 10% of agi, meaning it's allowed, meaning it's not an addback. An addback is an item that is disallowed, meaning you took it for tax but are not allowed to deduct it for AMT.

In the example above, agi is 100,000. Therefore, for tax, you can deduct the amount above 10,000, which was a 2000 deduction. AMT also allows the amount above TEN percent (even if you are elderly, amt only allows the amount above TEN percent), so no addback. AMT and tax, in this probably, allowed you to deduct 2,000 meaning no addback.

With respect to medical, where you may have an addback is with an elderly person. For tax, elderly can deduct medical above 7.5% of agi. But for AMT, you are only allowed to deduct above 10% of agi. Therefore, that difference between 10% and 7.5% of agi, must be added back for AMT purposes.

[NJPRU]

The question is asking for itemized deductions not for additions for AMT.. if you look at the different questions in that chapter's MCQs, they ask two seperate questions. I'm pretty sure it's included as an itemized deduction and added back for AMT purposes.

oops, didnt see the post above me. lol

AUD: DONE
FAR: DONE
BEC: DONE
REG: DONE

IM GOING TO BE A CPA!!!!!

[Nicole]

Took REG on Sunday the 1st and won't get my results until 2/24/15. Ugh. I can't wait that long. I'm already studying for BEC, but I don't have a lot of confidence about REG. I think I blew the sims.

FAR - 11/26/14 - 83 - DONE
REG - 02/01/15 - 68 8/14/15 - 71 11/22/15 - 83 - DONE
AUD - 04/01/15 - 81 - DONE
BEC - 05/27/15 - 79 - DONE

[Anonymous]

Can someone tell me if there are any phase outs, limitation, etc that I need to memorize? Which ones. The Becker videos say to just memorize if they are making a lot of money or not. Something I cant say I agree with.

[CPAtoGlory]

I recently took AUD and I plan to take REG and BEC in April. I felt comfortable (and I use that term loosely) with AUD with no more then the basic package in CPAExcel. It was much lighter on the wallet as well. I am going to have more on my plate this time around so my question is did anyone find any added value in the lectures?

AUD 79
REG 87
FAR
BEC

CPAExcel

[leglock]

@Nicole:

i had to wait an entire month so by comparison, your results are somewhat quick. I also was convinced I bombed, and knew with certainty I bombed the siims. already had begun rereviewing and looking into other study materials than Becker. there were 2 sims for sure i got completely wrong. score came and it was low 90's. so don't waste your time fixating on it bc it will be an utter waste of time that you can spend on BEC.

[Gabe]

@leglock I am hoping for a similar fate tomorrow. Congrats on the awesome score!

CPA, CFE
CISA- Experience will be completed by August 2016

[Author]

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