[jeff]

Welcome to the Q1 2017 CPA Exam Study Group for REG. 🙂

[RE2PECT]

dtatham10- I just got a 55 after doing property tax questions I never answered correctly lol. It hurt just trying to read through most of them with all the crap they throw at you. I need to renew my ninja subscription asap!

FAR: 75 Roger & Ninja (notes/flashcards/audio/MCQ)
AUD: 73, 81
BEC: 71, retake 8/29
REG:

[jack yassa]

Folks,
I'm trying to summarize the IRA types,not sure is it right or wrong?
Please advise

Contribution Withdraw

401K Deductible Taxable

Reg-IRA Deductible Taxable

ROTH Non-deductible Non-taxable

Non-deductible Deductible Taxable

Cover-dell Non-deductible Non-taxable

[jack yassa]

…

[HoosierCPA]

@re2pect haha the struggle is real with Gleim! I attempted last exam to pass using solely Ninja…huge mistake if you ask me. I was sold on it after I failed AUD with a 64 and then retook only using Ninja and got an 80. It's great as a supplement but not a standalone. Not sure how any of this pertains to you but if anyone else is trying to do that I suggest you find more structured prep material.

FAR - 78
REG - 72,74,71...please just go away REG nobody likes you!
BEC - 82
AUD - Aug 16

[RE2PECT]

@dtatham10- Here we go again with the similarities lol, but I also passed my AUD retake by reading the Ninja book and working the mcq's after each chapter. I think Ninja played a huge part in all my passes, but not sure it would have been enough had I used it exclusively.

The mcq's were great for REG, but I'm not a fan of the sims. Most of the ones I've tried just have you fill in the blanks on a tax form.

FAR: 75 Roger & Ninja (notes/flashcards/audio/MCQ)
AUD: 73, 81
BEC: 71, retake 8/29
REG:

[jack yassa]

Hello,
Why Distribution from a traditional non-deductible IRA is Partially deductible?
As i know it should be % non-taxable?

[cpaMD86]

*

FAR: 9/3

[HoosierCPA]

@re2pect I agree the sims were pretty awful. It was basically copying numbers over lol

@jack IRA's are definitely not my strong point. The way a non-deductible IRA works is you are NOT allowed the $5,500 annual deduction that a traditional IRA would get, this deduction is deferred until you withdrawal money. Lets say you contributed 50k over your life to a non-deductible IRA, none of which is deductible (like I mentioned before), and the IRA grew in value to 100K. Lets say one year you withdrew 10k…you would deduct the % of value you contributed compared to how much it grew so easy numbers in my example, you contributed 50k and it grew in value to 100k so 50% of the withdrawal is tax deductible or 5k.

Hope this helps, in short, it's basically the $5,500 benefit you get from a traditional IRA except you don't get the benefit until the withdrawal rather then the yeah you contributed.

FAR - 78
REG - 72,74,71...please just go away REG nobody likes you!
BEC - 82
AUD - Aug 16

[jordancole]

@jack

I don't think it was 100% correct. Contributions for Non-Deductibles are, well…non…deductible. There are two benefits of a non-deductible:

1) All of the contributions you paid taxes on originally come out tax-free on the withdrawal. The EARNINGS on your contributions are taxable upon withdrawal, however.

2) You are allowed to roll the non-deductible into the ROTH. Meaning you won't have to pay taxes when you withdraw way down the road. Note: you will pay tax on the rollover as ordinary income.

Think it should look like this (somebody correct me if i'm wrong):

Account / Contribution    Withdraw
401K / Deductible / Taxable
Reg IRA / Deductible / Taxable
ROTH / Non-Deductible / Non-Taxable
Non-Deductible / Non-Deductible / Principle= NON Taxable ….Earnings = Taxable
Cover-Dell / Non-Deductible / Non-Taxable

[jack yassa]

@jordancole
Thanks for your explanation
I'm not sure about the nondeductible yet?
Contribution VS Earnings VS Distribution
And one more question please
Why Distribution from a traditional non-deductible IRA is Partially deductible?
As i k now whether is deductible or not, never heard of Partially deductible.
Thanks a lot.

[HoosierCPA]

@jack I just explained that above.

FAR - 78
REG - 72,74,71...please just go away REG nobody likes you!
BEC - 82
AUD - Aug 16

[jack yassa]

@dtatham10
I just checked it, it was easy. I sat for the exam on 02/21 and i feel like my mind is blowing!

[jjjgolf500]

Is Dodd-Frank tested in REG? It came up in my studies for BEC so i wan't to make sure its worth looking over again.

Thanks!

[jack yassa]

@jjjgolf500
Not since 2017 was started!
I guess so.

[jack yassa]

Max spent $20,000 during the year for an elevator in his house. The
elevator was recommended by Max's cardiologist so that Max would not have
to climb the stairs. The value of Max's home was $120,000 before the
elevator was installed and $125,000 after the elevator was installed. He paid
$1,200 during the year for operation and upkeep of the elevator.

Amount of Qualifying Medical Expense is 6,200 or 16,200
Becker answer says 16,200, is that right?

[Author]

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