[jeff]

Welcome to the Q4 2016 CPA Exam Study Group for REG.

If this is your first post in the study group – please post your target exam date (just the time frame to preserve your anonymity), and your past history with this exam (optional, of course).

[jonm857]

Alright brotha. Im goin to eat and then it is on… r5 is good for a laid back saturday night

B - 81
A - 87
R - 73
F - July 5th

[jpowell31]

my internet went out at home yesterday and I've just been reading til this morning. so annoyed I can't get anyone over there for a few days so it looks like i'll be studying at work and rewriting a lot of notes in the next few days. hopefully I can still do 200 questions today. i know i still must've retained something in reading but I'm feeling behind now. growl.

[jonm857]

That sucks! I'm re-writing all of these god-forsaken taxpayer penalties because I know they are going to grill us on it. I despise them.

B - 81
A - 87
R - 73
F - July 5th

[Reg_Slayer]

PENALTY IF [lesser of] > tax liab:

general safe harbor = 90% current, 100% prior
special safe harbor = 90%current, 110 prior [AGI OVER 150]

early withdrawl penalty [IRA]? 10% AT AGI

Understatement of tax liability? $1,000 or 50% of income [greater of]

Willful understatement of tax liability, $5,000 or 50% of income [greater of]

[jonm857]

Need to write out two separate pages. One for tax preparer penalties, the other for taxpayer penalties.

B - 81
A - 87
R - 73
F - July 5th

[Reg_Slayer]

good idea!

[jpowell31]

that's exactly what I'm doing after work tomorrow. I have about 7 pages of summary “notes” now for individual that I will continue to read along with a detailed “equation” sheet for AGI/deductions…etc. but want to get penalties and phase outs one page, including penalties. if you've got a summary typed, please share 🙂

thanks reg slayer. those last two jump out when I read questions but I'm scared I've memorized the questions because I can't seem to remember them separately – reading those just now definitely helped

[jonm857]

Once I finish up my summary I'll share it with you guys. I don't know how to upload documents on here though. It will also have a summary of the court system.

B - 81
A - 87
R - 73
F - July 5th

[jpowell31]

ok I have a summary of the court. yeah I don't think you're allowed to upload. maybe share links to accounts I've seen but I don't know anything about that. you can just paste in the box if the formatting doesn't get too wonky. 75 questions down.

I can do this!!

[jonm857]

It's impossible to copy it here because the formatting gets completely goofed up. It would take too long to fix it…… 🙁

B - 81
A - 87
R - 73
F - July 5th

[jpowell31]

just a quick summary on IRA's, some of which are a bit beyond me (& not clear) and maybe not necessary but pulled from solutions to MCQ in Ninja:
$5,500 contributions allowed/deductible per person $6,500 if over the age of 65, even if one spouse has no income
10% penalty of withdrawal before age 59.5 unless funds are going to some education,medical, disability, death, first time home-buying expenses ($10k lifetime limit), income otherwise also taxable
If not covered by a qualified pension plan, there's no max income limit.
if covered by a retirement plan – not actively participating – the deduction is phased out if MAGI is more than $184k, less than $194k
if participating in another active pension plan (married filing jointly) phaseout for AGI between $98k and $118k

[jpowell31]

yeah that's why I hate typing calcs..I just rewrite them. no worries!

[jonm857]

14 days left….. AHHHHHHHHHHHHHHHHHHH

B - 81
A - 87
R - 73
F - July 5th

[jpowell31]

I have 12 🙁 I feel okay since I have the week after next off of work completely but…I felt ok going in last time too. am I doing the right things I don't KNOW

[jonm857]

You're telling me… If I don't pass I'll lose my credit for BEC. I have to make this happen!!! The best thing you can do is just go off on this beast.

B - 81
A - 87
R - 73
F - July 5th

[Author]

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