[jeff]

Welcome to the Q2 2016 CPA Exam Study Group for REG.

Some BLITZ videos to help your exams: https://www.another71.com/ninja-blitz

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

[ABTX411]

@ano

It looks like I misspoke. There is no phaseout for IRA contributions if neither spouse participates through an employer, and the phaseout limits are just lower if both spouses participate.

TOO MANY STUPID RULES!!!!!

https://www.irs.gov/Retirement-Plans/2015-IRA-Deduction-Limits-Effect-of-Modified-AGI-on-Deduction-if-You-Are-Covered-by-a-Retirement-Plan-at-Work

BEC - 90 - 2/04/2016
AUD - 97 - 2/29/2016
FAR - 92 - 4/19/2016
REG - 88 - 5/19/2016

[Anonymous]

@ABTX411
Thank you for all your explanation

So the only thing which I want to reconfirm that if an Individual participates in employer retirement plan then he / she won't able to deduct the contribution .
and if anyone of spouse participates then one who participate will not able to deduct the contribution and there is proportionate phase out for the other spouse.
I am using Wiley book and I think Wiley book nothing mention regarding this , so I want to just confirm what I understand is correct,

[FAR_WARS]

“IRA Maximum contribution for IRA 2014 is $5,500”

“In 2014, contributions to a defined contribution qualified retirement plan on behalf of a self-employed individual whose income from self-employment is $55,000 are limited to $52,000”

I realize that we are being tested on 2015 numbers. What is the most efficient resource for looking these types of things up?

https://www.irs.gov/taxtopics/index.html ?

google?

maybe a chart of everything testable, but with 2015 numbers?

Or do the exact numbers not even matter and I should just make sure I know the concepts?

FAR- 80
BEC- 75
AUD- 78
REG- ?

[ABTX411]

@Ano – I was totally wrong in my first response. I think you had it right. It was hard to research on my phone while putting my kid to bed.

Wiley's most up to date material:

“IRA contributions can also be deducted by taxpayers who are active participants in qualified plans, but this deduction is phased out proportionately over a $10,000 range ($20,000 if married filing jointly) if the taxpayer's modified AGI exceeds the limit below.

Married: $98,000 − $118,000

Single: $61,000 − $71,000

Note, that the phaseout of the IRA deduction is always rounded up to the nearest $10, and the minimum deduction is $200 if the entire deduction is not phased out.

A married taxpayer who is not an active participant can deduct contributions even if the taxpayer's spouse is an active participant. However, this deduction is phased out proportionately over a $10,000 range if the joint modified AGI exceeds $183,000 in 2015.

BEC - 90 - 2/04/2016
AUD - 97 - 2/29/2016
FAR - 92 - 4/19/2016
REG - 88 - 5/19/2016

[ABTX411]

@Ano –

So, in your original problem, Jane's entire IRA contribution deduction is phased out because the combined MAGI is $125k, which is above the max phaseout of $118k for the spouse who participates with the employer. The spouse who does not participate is subject to the higher phaseout limit of $183-193k, so the husband is allowed the full deduction.

BEC - 90 - 2/04/2016
AUD - 97 - 2/29/2016
FAR - 92 - 4/19/2016
REG - 88 - 5/19/2016

[ABTX411]

@FAR_WARS:

In my review class, the professor told us that we absolutely will not need to know any exact numbers that are indexed to inflation. However, I have come across a lot of MCQs where this advice did not hold true. I think the only people who know the answer to this question for sure are bound by non-disclosure.

This would not be the first section where I heard “you don't need to know xyz” in the review class, and then had it pop up on my test. In fact, it was the exact opposite in all 3 of the other sections – everything they said we didn't need to know ended up being tested very heavily. I don't trust them now, so I'm trying to prepare the best I can.

As for not having the up to date material, the IRS website is going to have to be your best friend. Or you can just pick the closest answer available and assume that the limits haven't changed all that significantly.

BEC - 90 - 2/04/2016
AUD - 97 - 2/29/2016
FAR - 92 - 4/19/2016
REG - 88 - 5/19/2016

[FAR_WARS]

@ABTX411

thanks for the info. Will most likely choose some up to date materials to study with in the morning.

FAR- 80
BEC- 75
AUD- 78
REG- ?

[mckan514w]

I have to agree with ABTX411– If REG is anything like FAR was for me EVERYTHING and I do mean EVERYTHING my review course said “don't worry its not tested” was tested- and tested heavily- I have started making a chart based off the IRS website for the 2015 numbers. My head is about to exploded from cramming all of this stuff we have to know for this exam into it but I REFUSE to walk in unprepared and fail… Good luck!

and they ask me why I drink...

FAR- 61-next time I'll ask for lube instead of a calculator
REG-75- Never been so happy to see such a low grade
BEC- 8/11
AUD- 9/2

[monikernc]

Hi FARWARS, nice to have you back. Unfortunately, I am barely hanging in this round. Life has intervened in some big ways so I am just quietly studying for a May 23 exam and hoping I will come through it successfully. I have finished all the ninja tax mcq and in review for those while still doing a first pass at the 750 biz law mcq's.

ninja notes might be a good cheap supplement for you to use as an update to the 2015 materials that you have.

cortes123 checked in last week and his son was born April 10.

keep posting questions and maybe my fire will start burning a little hotter for this beast called REG!

good luck with AUD score! are you getting it this week?

FAR 7/25/15 76!
AUD 10/30/15 93
BEC 2/27/16 82
REG 5/23/16 88!
Ninja Book and MCQ and the forum - all the way!!!
and a little thing i like to call, time and effort!
if you want things to change, you have to do something different

[FAR_WARS]

@mckan514
Good idea!

@Moniker
Sorry to hear that. I will not be looking at my score. I was able to pass BEC without looking, so am hoping I can do the same with REG. Seems like studying TAX will have a much greater return for this exam than studying Business Law? Am aiming to finish up Individual within the next few days, and then on to corporate.

FAR- 80
BEC- 75
AUD- 78
REG- ?

[Anonymous]

I have taken my Reg Exam and am not sure if I did well or not. As I begin studying for the audit portion I am curious if anyone has used the Becker final review? If so how useful did you find it?

[Char143]

Hi everyone,

I have been studying for REG for about a month now and I have been feeling good, but a few days ago I decided test myself on everything I have learned so far (I am about 80% done using wiley) and I have basically forgotten everything I learned the first few weeks of studying. I forgot all the warranty rules, and the carry back and forwards for certain items, and limits on deductions. I keep mixing them up. Is it just me or is there a lot of things to remember? I have pushed back my exam twice (it was 5/3 and I moved it to 5/13 and moved it again to 5/18) … I really would like to know how everyone memorizes all these rules and limits on deductions. I feel so overwhelmed and I'm thinking that maybe I'll never get this. In the moment I understand it and I do great on all the after lecture quizzes, but literally the next day I'll have mixed up what I learned a few days before and last night. Audit was so much easier because it was just steps, this is A LOT of limits and rules to remember.

If anyone can give me advice or maybe let me know if they feel the same way, I'll feel a little better. Thanks!

(I learned about warranties and contracts like 4 weeks ago and I completely forgot them all) (I do plan on doing a BUNCH of MC questions when I'm done and I do a lot now, but I dunno if thats the way to go…) (I do have the ninja MCQ)

AUD (2/16)-84
REG (05/16)-69 Retake (7/16)-79 (ty ninja MCQ)
BEC-TBD
FAR-9/8/16

[Anonymous]

@ CharleneR
The way that I keep up with it is taking progress tests each week which cover all the material I have learned previously. I then spend time on each concept I have trouble with on the progress test. Over time, I noticed that gradually more of the concepts I was having trouble with began to drop off of the trouble list. It is a lot to remember. Just keep yourself focused and continue to reiterate everything you have learned on a regular basis. Good luck!

[Char143]

@CPABen,

Thank you! I actually haven't done many progress tests because I didn't want to get off schedule but I have been so worried about getting through the material than continuously testing myself on it. Thanks for the advice.

AUD (2/16)-84
REG (05/16)-69 Retake (7/16)-79 (ty ninja MCQ)
BEC-TBD
FAR-9/8/16

[Anonymous]

hello Ninja's
can anyone please tell me what to know about the CREDITS they are so many and this is something which my mind is not grasping. and my review course completely left other than the foreign tax credit .

so please tell me what I should know about the CREDITS.

Thank you in advance!

[Author]

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