[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).

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

[Reg_Slayer]

@jp

sorry to hear that.

RE: PMSI's i can confirm that 2016 Ninja Book says 10 day grace period, while 2016 Becker says 20 day grace period. Am going with Becker on this one.

[jonm857]

My new routine is to read the book and take notes for 20 minutes, then follow that up with 40 minutes of MCQs to fill an hour. Then take a break for 5 minutes. And then do it again, and again, and again, and again, and again, and again, and again, and again, and again, and again, and again

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

[jonm857]

So if I'm understanding this right…

If you're 24 years old and a full time student, you do not meet the age limit test as a qualifying child.
If you're 23 years old and a full time student, you do meet the age limit test as a qualifying child.

If you're 19 years old and not a full time student, you do not meet the age limit test as a qualifying child.
If you're 18 years old and not a full time student, you do meet the age limit test as a qualifying child.

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

[jpowell31]

i'm 10 pages deep in an extremely detailed individual tax summary about 15 more minutes left til it's done then my questions. my only breaks will be to answer the door/do errands with my audio and come onto this forum.

[So FAR So Good]

Been reading through this thread instead of working all day… thankful to see some clarity in certain topics where I was having issues!

My exam is scheduled for the 8th at 1:30, but I'm seriously considering rescheduling. I lost an entire week of review time (I had budgeted two weeks) and don't feel comfortable with a lot of the content. Scored a 70 on one of the Becker practice tests and I'm scoring around a 70 average in Ninja. Not feeling so good!

Jonm857 – you're early next week, right? You definitely seem prepared!

F - 91 (6/5/2016)
A - 7/30/2016
R - 10/8/2016
B - 12/10/2016

[jonm857]

@So far so good

I feel a little more prepared than last time, but not much. I got absolutely ridiculous Sims and failed by 2 points.

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

[Reg_Slayer]

@jon

i think once you turn 19 you will need to be s student. 24 and still a student is ok, but 25 is not? Now I will need to double check!

[jonm857]

@reg_slayer

The text says you have to be under the ages of 19 and 24 if going to college full time.

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

[jpowell31]

i agree with @reg_slayer

[Reg_Slayer]

qualifying child must be
1. under age 19
2. under age 24 and a full-lime student
3. any age (permanently disabled)

i was wrong, a 24 year old full-time student is not a qualifying child.

[jpowell31]

hmmm i think you're right…i guess the only examples i've seen are with 23 year olds…but now i'm confused as i definitely thought it was 24 was still ok.

[jonm857]

The IRS website isn't very clear about the cut-off age either.

However, if you see the link below, somebody asked a turbotax rep for guidance on this and they say he has to be under 24 at the end of the year.

Have a look

https://ttlc.intuit.com/questions/2045184-my-son-is-a-full-time-student-who-turned-24-in-july-2013-can-we-claim-him-as-a-qualified-dependent

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

[Reg_Slayer]

“welcome to prometric. here put on these and do your test”

[jonm857]

So when you're self-employed and you pay yourself a salary, it should be considered a draw, in which case:

1) you don't deduct it on Schedule C
2) you don't include it as wages along with other W-2s on line 7 of the 1040

The effect is the net income reported on Schedule C still includes the salary that you paid yourself.

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

[jpowell31]

ugh those things don't work. last time there was a storm (i was by the window) and the guy next to me was hacking flem the whole time. he also was doing an exam with loads of typing… i felt for him but every man for themSELVES. except maybe he passed and i'm here for a retake and if that's the case screw him!

[Author]

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