REG Study Group Q2 2015 - Page 24

  • Creator
    Topic
  • March 5, 2015 at 8:08 pm #192517
    jeff
    Keymaster

    Welcome to the Q2 2015 CPA Exam Study Group for REG.

    “Death and Taxes” – Individual Tax for the CPA Exam

    Posted by Another71 on Monday, November 24, 2014

    Free NINJA: https://www.another71.com/cpa-exam-study-plan/

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

Viewing 15 replies - 346 through 360 (of 3,544 total)
1 2 3 … 23 24 25 … 235 236 237
  • Author
    Replies
  • March 15, 2015 at 3:40 pm #677547
    Svitlana85
    Member

    @Gabe did not schedule yet. The more I study the less I feel that I know. This one will be the death of me.

    You seem to be pretty ready for yours. I hope to get to that point soon.

    CPA Excel/Wiley/Ninja Notes/MCQs

    FAR Feb 2014 85
    AUD Aug 2014 88
    BEC Nov 2014 85
    REG Feb 2015 71 Retake April 16, 2015

    March 15, 2015 at 3:47 pm #677548
    Svitlana85
    Member

    Speaking of Medical Expenses for AMT, It says that regular tax deduction for medical expenses – exceeding 10% AGI. The same applies to AMT (anything exceeding 10% AGI). So what do we have to add back for AMT?

    CPA Excel/Wiley/Ninja Notes/MCQs

    FAR Feb 2014 85
    AUD Aug 2014 88
    BEC Nov 2014 85
    REG Feb 2015 71 Retake April 16, 2015

    March 15, 2015 at 3:52 pm #677549
    Kate
    Member

    @Gabe thanks. To extend that, if the “events” that caused a bonus occurred on March 14, how would you treat that?

    AUD (2/3/2015) Pass
    REG (4/24/2015) Pass
    FAR (8/3/2015) Pass
    BEC (10/25/2015) Pass

    March 15, 2015 at 3:53 pm #677550
    Kate
    Member

    In reply to @Svitlana85 regarding @Gabe- if you do not pass REG I am flying to NASBA and the AICPA and demanding they read your Another 71 posts because you are the REG master. Meanwhile, as shown last night, I dont understand the difference between cash and accrual (joking, but just trying to add some humor). True winner right here

    AUD (2/3/2015) Pass
    REG (4/24/2015) Pass
    FAR (8/3/2015) Pass
    BEC (10/25/2015) Pass

    March 15, 2015 at 3:56 pm #677551
    Gabe
    Participant

    Kate-

    1. Thanks 🙂

    2. cash to accrual is horrid, so don't feel bad

    3. if accrued on March 14th, deduct it NEXT year.

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

    March 15, 2015 at 4:01 pm #677552
    Gabe
    Participant

    Svitlana85 that's where I am confused as well…I believe if you're under 65 the medical expenses would not affect AMT. However, there are becker questions that add the difference…anyone else know for sure?

    check out this thread: https://www.another71.com/cpa-exam-forum/topic/medical-expenses-on-amt

    seems like there is no AMT add back for medical for folks under 65…I know it's not in the Ninja notes.

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

    March 15, 2015 at 5:36 pm #677553
    Svitlana85
    Member

    Thank you for sending link that that thread. That clarifies it for me.

    CPA Excel/Wiley/Ninja Notes/MCQs

    FAR Feb 2014 85
    AUD Aug 2014 88
    BEC Nov 2014 85
    REG Feb 2015 71 Retake April 16, 2015

    March 15, 2015 at 6:16 pm #677554
    Anonymous
    Inactive

    100% of Becker's REG lectures are complete. I just have to finish the last few MCQ for R4 and the sims for R4 and I'll be in my review phase. That gives me about a month and a half for review before I sit.

    March 15, 2015 at 7:54 pm #677555
    willpassby2014
    Member

    Mary received the following amounts during the year: wages: $40,000, child care reimbursement from her employer: $10,000, group-term life insurance premium on coverage equal to her salary ($40,000) which has a cost of $2,100, Unemployment compensation: $7,200. Mary receives the child care reimbursement and group life insurance as part of her employer's cafeteria plan. What amount is included in Mary's gross income?

    57200

    47200

    50000

    59300

    BEC Passed
    FAR Passed
    AUD Passed
    REG Passed

    March 15, 2015 at 8:04 pm #677556
    Anonymous
    Inactive

    willpassby2014

    47200

    Group term life insurance under 50K isn't included in gross income

    March 15, 2015 at 8:10 pm #677557
    willpassby2014
    Member

    Answer is 57200. Any cafeteria allowance received in cash is taxable. $10,000 child support is received in cash

    BEC Passed
    FAR Passed
    AUD Passed
    REG Passed

    March 15, 2015 at 8:46 pm #677558
    Anonymous
    Inactive

    You're right I read the question wrong I was thinking it said the group term life insurance was 10K

    March 15, 2015 at 9:06 pm #677559
    Anonymous
    Inactive

    100% of Becker MCQ done at least once. I still need to finish R4's sims (tomorrow, I'm fried now) and then move into review phase. I'm a bit scared because there is SO much information and it's pretty overwhelming right now.

    March 15, 2015 at 9:37 pm #677560
    Anonymous
    Inactive

    @angelwatch that's awesome!! you have plenty of time for review! I know it's very overwhelming I'm on R6 right now. I did R1 and skipped over to R5. I'm moving a little slow I need to pick up the pace a little lol. How many hours do you usually study? and do you listen to the Becker lectures?

    March 15, 2015 at 10:11 pm #677561
    Anonymous
    Inactive

    I don't keep exact count but for FAR it was around 300 hours. AUD I slacked and was significantly less than 100. BEC was around 200.

    Yes, I do 100% of Becker's lectures as self study. I wasn't getting value out of the live lectures (after 2 or 3 hours I was so fried I wasn't learning anything). So I switched to self study to do 1 topic at a time.

    I feel I understand the core concepts ok. Nut there are so many little rules, nuances and exceptions that it's so easy to miss things.

  • Author
    Replies
Viewing 15 replies - 346 through 360 (of 3,544 total)
1 2 3 … 23 24 25 … 235 236 237
  • The topic ‘REG Study Group Q2 2015 - Page 24’ is closed to new replies.