[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]

Rita Spano is an active participant in a company retirement plan. Her husband, John, age 45, works for a company that does not have a retirement plan. The Spanos' joint adjusted gross income for 2014 is $185,000. John contributes $4,000 to an IRA for himself. How much of this $4,000 contribution for John can the Spanos deduct on their 2014 joint return?

A.

$4,000

B.

$3,200

C.

$2,000

D.

$0

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

[Tax lady]

What I hate about the sims is how they take the little obscurity of well known topics to test you on. It's like they know you know the larger topic but they want to throw giant curve balls to trick you and make you think you don't know it after all.

REG 8/15/14 (73); 11/13/14 (82)-expired 🙁
AUD 5/30/15 (80)
BEC 11/28/15 (75)
FAR 7/30/16

Studying with CPAexcel and Ninja notes/MCQ's/Flashcards

[Anonymous]

@Tax Lady–That would be great. Thank you so much! I worry that I have memorized a lot of questions in Ninja because I did over 3,000 for my first take and I've done all but corp and sales law for this take. New questions from other sources are always welcome.

@Bucky–I'm sorry. I should preface my negativity with the fact that I freak out in the week or two leading up to every test. I start yelling at my kids more, snapping at my husband more, and generally am just unpleasant to be around. There are many that say the SIMS were a breeze because they knew the material so well. I went into the last test not knowing the material well and that is probably why I felt the SIMS were so ridiculous. I couldn't find anything in the AL at all and that frustrated me. I knew I failed before I left the exam room. Maybe we are both better prepared this time so the SIMS may make more sense and not seem like they are from outer space. I hope that is true.

[Anonymous]

@Wannabe – A?

[Anonymous]

@wanna be–I know the answer is B, but I still don't understand the question.

The explanation talks about–There is a phaseout between 181K and 191K and since their AGI is about 1/2 of the phaseout amount then you take half of something or other. I still don't understand how they calculate $800 to deduct from the $4000.

[Anonymous]

@CPAMommy – no need to apologize to me! I heard the same thing from my husband last night – that I snap easily in the 2 weeks before my exams (I even yelled at my middle guy when he refused to go to school this morning which is still making me feel horrible 5 hours later). You DO know this stuff though! You are going to rock this exam!

[SomedayCPA2015]

Wannaba is it B?

REG - Passed
BEC - Passed
AUD - Passed
FAR - Passed!!!! I have my life back.

[WANNABE_CPA]

Answer is B…

I dont understand how to calculate that proportionate amount when it is between the phase out amount too….

Can someone explain?

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

[SomedayCPA2015]

185,000 – 181,000 = 4,000

4,000 * .2 = 800

4,000 – 800 = 3,200

I think that's how they get the $800, right? Gah too many little rules!!!

Also, glad to know I'm not the one who's horrible to be around at home….

REG - Passed
BEC - Passed
AUD - Passed
FAR - Passed!!!! I have my life back.

[WANNABE_CPA]

I dont seem to get more than 80% in my quizes for individual tax..there is always something new i dont know in Ninja questions.

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

[Anonymous]

@someday–Where does the .2 come from. I would have calculated it as .4 because the phaseout range is from 181-191, which is 10K and then 4K/10K=.4

[Anonymous]

@wannabe–I don't even get into the 80s.

[SomedayCPA2015]

I'm freaking out because Jeff says to have around an 85% average and I am nowhere near that right now! Also, I'll feel good about a section, move on to another, and then feel horrible about the first section when I come back to it.

REG - Passed
BEC - Passed
AUD - Passed
FAR - Passed!!!! I have my life back.

[Anonymous]

@someday–Exactly! You took the words right out of my mouth. Seriously!

[SomedayCPA2015]

Well, it's in my Becker book and it does not explain it at all. Do you have Becker? I just assumed since they did not explain further that it is always 20%? But now that I talk that out it makes no sense at all. Haha

REG - Passed
BEC - Passed
AUD - Passed
FAR - Passed!!!! I have my life back.

[Author]

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