[mgoloubenko]

Hey everyone,

I hope you’ve all had a wonderful Thanksgiving with your families and those that you love. I am taking REG on the 6th and hope to put this exam behind me for good, I have had a lot going on so my focus on REG has not been as significant as it should have been but I have a good study plan to use my remaining time wisely. As I’m reviewing the tax chapters, there is a lot of discussion about nitty gritty details specifically about AGI phase-out amounts, I have seen people discuss on this forum that these amounts are not necessary to memorize. Is that true? There are just so many different AGI minimums and maximums for these credits that it’s overwhelming, yet I see AGI specific credit calculations in a few Becker questions that would require you to have that level of extensive knowledge. Can anyone help me out here about how important this is?

Perfect example: Child & Dependent Care Credit

Maximum expenditures for one dependent: 3,000

Tax credit of 20%-30% of eligible expenditures

Max 35% credit- AGI less than $15,000

Phase out 20-25%- Credit decreases by 1% for each $2,000 over $15,000 but not below 20%

Minimum 20%- for individuals with AGI over $43,000

Like who could possibly remember all that for every credit?!

Any advice on focus areas is of course always appreciated.

FAR 4/9/12- PASSED
BEC 7/13/12- PASSED
AUD 8/16/12- Ughhh 71, Rematch: 90!!!
REG-12/6/12 PASSED

USC MAcc- Fight on!

They say good things come to those who wait, but only those things that are left by those who hustle.

[Shay]

Rule # 1 for REG…Dont Memorize amounts. Just understand concepts.

[FearTheBeard]

I can't disclose exam content, but I can tell you to focus on tax over business law. But don't completely neglect b-law. In my opinion, you don't need to know that level of detail about the Child & Dependent Credit for the exam. However, you should be familiar with the popular credits and the fact that phaseouts exist. Hope this helps. Good luck.

[mgoloubenko]

Thank you for the clarification. It's definitely good to know because it is verryyyy easy to get lost and spend a great amount of time in the details of all of these phase-outs, credits, etc. Definitely not going to neglect B.Law, but spending a much larger portion of time of Tax since I know the SIMs are virtually all tax related, and I also know that it'll be the SIMs that'll make it or break it for me.

FAR 4/9/12- PASSED
BEC 7/13/12- PASSED
AUD 8/16/12- Ughhh 71, Rematch: 90!!!
REG-12/6/12 PASSED

USC MAcc- Fight on!

They say good things come to those who wait, but only those things that are left by those who hustle.

[Author]

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