[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/

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

[WANNABE_CPA]

2. Guessing…5 years?

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

[CPAfit]

2 years

[WANNABE_CPA]

awww thats ok, you will get to revise them now 🙂 . I am just comfortable with Gross income right now but i dont mind rest of Individual tax too, it will get me comfortable with that stuff

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

[Mamabear]

Nope–2 years. I guessed 5 too, but now I am just going to remember it as they have to live in the house 2 years for the gain exclusion when they sell so they can't have had an interest in another residence for 2 years prior to buying the house.–I know it's not the same thing, but since they are both 2 years and pertain to the principal residence I think it will help remember it.

CPA Exam - Finally DONE (November 2014)
BEC (08/10/13) 80
AUD (08/24/13) 65 (11/13/13) 85
FAR (04/12/14) 81
REG (07/19/14) 69 (11/29/14) 87!!

[Mamabear]

Hey Zubairs! You are correct!

CPA Exam - Finally DONE (November 2014)
BEC (08/10/13) 80
AUD (08/24/13) 65 (11/13/13) 85
FAR (04/12/14) 81
REG (07/19/14) 69 (11/29/14) 87!!

[Mamabear]

3–Blake, a single individual age 67, had a 2014 adjusted gross income of $60,000 exclusive of Social Security benefits. Blake received Social Security benefits of $8,400 and interest of $1,000 on tax-exempt obligations during 2014. What amount of Social Security benefits is excludable from Blake's 2014 taxable income?

A. $0

B. $4,200

C. $4,700

D. $1,260

CPA Exam - Finally DONE (November 2014)
BEC (08/10/13) 80
AUD (08/24/13) 65 (11/13/13) 85
FAR (04/12/14) 81
REG (07/19/14) 69 (11/29/14) 87!!

[CPAfit]

@mama & @wanna I guess it wasn't a good day for all of us 🙁 tried doing partnership and it hurts also didn't get much sleep since yesterday so my brain is going potato. I think I'm gonna take the night off as well, sorry guys.

[WANNABE_CPA]

Actually ..that might be the logic to that in real life 🙂 Good one mamabear

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

[CPAfit]

3-C

[WANNABE_CPA]

@zubairs…thats ok…see you soon, get some rest..i think we all are already done with Reg..tired, sick and worn out.

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

[Mamabear]

It's okay Zubairs. This time gap is rough on all of us I think. My brain was mush today. I think after tonight I'm going back to quizzing a little earlier if anyone can make it.

CPA Exam - Finally DONE (November 2014)
BEC (08/10/13) 80
AUD (08/24/13) 65 (11/13/13) 85
FAR (04/12/14) 81
REG (07/19/14) 69 (11/29/14) 87!!

[WANNABE_CPA]

3. D 1260 ?

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

[Mamabear]

3 is D

Explanation—D–A portion of a taxpayer's Social Security benefits may be taxable.

For single taxpayers with provisional income above $34,000, gross income includes the lesser of:

85% of Social Security benefits received or

85% of excess of provisional income (defined as modified AGI + 1/2 Social Security benefit) over $34,000, plus the smaller of:

the amount includible under the old law (1/2 of Social Security) or

$4,500.

1. 0.85 x $8,400 = $7,140

2. $60,000 AGI

+ 1,000 Interest on tax-exempt obligations

---

$61,000 Modified AGI

+ 4,200 1/2 of Social Security

---

$65,200 Provisional income

– 34,000 Threshold amount

---

$31,200 x .85 = $26,520

+ 4,200 Lesser of $4,200 or $4,500

---

$30,720

CPA Exam - Finally DONE (November 2014)
BEC (08/10/13) 80
AUD (08/24/13) 65 (11/13/13) 85
FAR (04/12/14) 81
REG (07/19/14) 69 (11/29/14) 87!!

[CPAfit]

I'll try to join as much as I can. Also @wanna asked earlier about ninja TB and I don't have that either. I'm only using Becker

[Mamabear]

@wanna–do you have that social security stuff memorized? Got a trick for that because I can't figure out how to keep that in my head.

@zubairs–I'm sorry it hasn't been convenient to get together. Hopefully we can work something out next Saturday during the day

CPA Exam - Finally DONE (November 2014)
BEC (08/10/13) 80
AUD (08/24/13) 65 (11/13/13) 85
FAR (04/12/14) 81
REG (07/19/14) 69 (11/29/14) 87!!

[Author]

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