[Puppykoala]

Hi Community, just wondering if it is necessary to take some time to familiarize myself with the forms and schedules while studying for REG. I have no tax experience whatsoever so those things are just a title to me. Would any questions or sims require knowing them or it is optional? Any advice would be greatly appreciated!

[Amor]

Begin with F1040 and Schedules from A-G (including Schedule C-EZ).

F1041*
F1065*
F1120*
F1120S*
Schedule K-1 of the above*.

Schedule M-3
Schedule SE

and many more….

[Puppykoala]

Thanks @Amor. Maybe I didn't state the question clearly. I know there are a lot of them, so I was wondering if it would worth my time to get familiarized.

[Recked]

It certainly will not hurt.
If you have no tax experience it might be beneficial to review the forms, and instructions to the main forms.

[Puppykoala]

Thanks @Recked. Your input helps. I was planning to skip them due the time contraint. I wanted to take the exam around July 10th before my next employment but now it seems like I need to push it back for a few more weeks.

[chandler]

I suspect that you still have plenty of time to prepare for an early July exam. I did 4 weeks for REG while working full-time/going to school. Do you need to know all of the forms? Absolutely not. There are a TON of forms that you won't see on the exam, and likely will never see in practice. Checking out the ones Amor listed, it looks like that is most of the major ones that you should need. As a reference, the schedules he mentioned are:
Schedule A- Itemized Deductions
Schedule B- Interest & Dividends
Schedule C- Profit or Loss from a business
Schedule D- Capital Gains & Losses
Schedule E- Supplemental Income (Rents, royalties, and partnership/S-Corp/trust)
Schedule F- Profit or Loss from farm/ranch activities
Schedule G- Information on stock ownership (wouldn't expect you to see this one).

And I think as far as the forms/schedules, you should have an idea of what they are for/used for, but don't try to memorize them line-by-line or anything crazy like that.

[Puppykoala]

Solid suggestion @Chandler. I forgot to mention that I am half way through becker REG, starting early May. I want to have at least 2 weeks to review the book and another 2 to crunch MCQ and SIM. It worked for me for FAR (took 4 months to study because I had 0 experience in accounting :)) so I think I should do the same for REG. Looks like postpone to end of July is in my best interest. Reason for wanting to do it early July is because the firm will send me somewhere else for training for a week. That would break my momentum. Better be more prepared than sorry I guess loll

[Amor]

@Chandler, Amor is she, LOL.

[Author]

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