REG Study Group Q4 2014 - Page 262

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  • November 27, 2014 at 3:00 am #633131
    REGTaker
    Member

    504, 505, and 506

    November 27, 2014 at 3:02 am #633132
    REGTaker
    Member

    I don't have any flashcards for Other Income or for 1933/1934 Security regulations so I am going to have to go to the book for those.

    November 27, 2014 at 3:04 am #633133
    Anonymous
    Inactive

    Is Other Income passive losses and hobby losses?

    November 27, 2014 at 3:05 am #633134
    REGTaker
    Member

    The thing that I got wrong on my quiz is that I put Unemployment compensation with wages instead of “Other Income” so there has to be a list of “Other income” items somewhere. I really think it is just memorizing a list. Let me look in my book and see if I can find one.

    November 27, 2014 at 3:09 am #633135
    REGTaker
    Member

    Found a list at the IRS website.

    https://www.irs.gov/publications/p17/ch12.html#en_US_2013_publink1000172062

    November 27, 2014 at 3:14 am #633136
    REGTaker
    Member

    My short list from things I have covered through MCQ is that other income consists of:

    Alimony

    Jury Duty

    Gambling Winnings

    Hobby revenue

    Prizes

    Awards

    Scholarships

    Prizes

    Kickbacks Bribes

    Unemployment Compensation

    November 27, 2014 at 3:16 am #633137
    Anonymous
    Inactive

    I also found debt forgiveness (if not insolvent, bankrupt, or gifted) and Punitive Damages from lawsuits.

    November 27, 2014 at 3:17 am #633138
    Anonymous
    Inactive

    Where do you think the Social Security Income goes (if above the threshold)?

    November 27, 2014 at 3:20 am #633139
    REGTaker
    Member

    I just google it and it says that social security wages go on Form 941. ??? Isn't that one of those forms for if you have workers?

    November 27, 2014 at 3:21 am #633140
    Anonymous
    Inactive

    I have no idea on any of the Form #s – the only one I know (other than 1040) is the K-1. Oh, and the 1099.

    November 27, 2014 at 3:22 am #633141
    REGTaker
    Member

    Nevermind–That is for employers to file their portion.

    November 27, 2014 at 3:22 am #633142
    Anonymous
    Inactive

    Did you take a practice test from the AICPA's website?

    November 27, 2014 at 3:23 am #633143
    leglock
    Participant

    941 is fed tax withholdig and fica withholding form submitted by employer

    November 27, 2014 at 3:23 am #633144
    REGTaker
    Member

    I just pulled up a 1040 tax form and social security has it's own line right above “Other Income”

    November 27, 2014 at 3:24 am #633145
    Anonymous
    Inactive

    I just grabbed mine – huh, Unemployment has it's own line too…

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