REG Exam Info to Memorize

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  • July 20, 2015 at 6:41 pm #195531
    Anonymous
    Inactive

    What types of tax related dollar amounts are necessary to memorize? For example the Phase-Out amounts and things like that nature… Will they be given in the exam or do we have to memorize every little threshold?

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  • July 20, 2015 at 6:53 pm #682714
    MaLoTu
    Participant

    gift tax and that passive income offset for individuals making less than 100k (mom & pop exemption). I dont think they will ask you phase out or specific amount questions about anything else, they will give you the numbers, I think.

    Know how to get to AGI and the below the line deductions. Know how to reconcile book to tax.

    July 20, 2015 at 7:18 pm #682715
    Determined CPA
    Participant

    MaLoTu pretty much summed up all the good ones to memorize. Also basis I think is important to know.

    A - 75
    B - 78 God is good.
    F - 77 Answered prayers.
    R - 84! Done!!

    Paperwork sent - waiting for license!!
    Still on a cloud and in shock. Through God, all things will happen.

    July 21, 2015 at 12:45 am #682716
    Last Chance CPA
    Participant

    They don't expect you to remember everything, I would just focus on the obvious ones. I can't divulge anything from the exam, but this time around for attempt #5, I realized there was an AGI limitation-based question that I probably would not have bothered to remember. Luckily, I did study it and I was able to look it up using the IRC AL as well. That's all I can say, study the obvious ones, and leave the more obscure ones alone.

    FAR - 76
    AUD - 75
    BEC - 75
    REG - 76

    Now I need some experience!!! And some networking...

    July 22, 2015 at 12:52 am #682717
    MaLoTu
    Participant

    Yes, know basis as Determined pointed out.

    July 22, 2015 at 12:50 pm #682718
    Anonymous
    Inactive

    Basis basis basis!! Also, know basis!

    July 22, 2015 at 3:24 pm #682719
    Anonymous
    Inactive

    I would suggest learning the rules regarding the different types of IRAs/retirement plans and the income levels and other qualifiers for each one.

    In general, I think it's a good idea to memorize the rules for all itemized deductions discussed in whatever text you are using. Most of them are pretty standard. But I don't recall having to know phaseouts. It is typical to see “disregarding phaseouts/AGI limitations, etc. …” on the exam. But pay very close attention to the wording of the questions, especially on the Sims.

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