[Credit Revenue]

This is my last exam so I have the basics of the exam down, but do you have any last minute tips for studying for REG? What would be the one or two most important things to have memorized? I appreciate any help!

A - 79 expires 4/30/16 need a pass on REG
B - 78
F - 80
R - 83!!! Can live again!

[wombataholic]

I wouldn't say there's only one or two most important things to have memorized, but if I had to pick a pair off the top of my head:

1. Pre and post AGI deductions, along with their floors and limitations.
2. The rules involving contributions/distributions including salaries/guaranteed payments to owners of partnerships/s-corps/c-corps.

There are probably better answers out there, but that's what I would pick.

Licensed CPA
Passed each section on the first try with Ninja Notes/MCQ/Audio

[Credit Revenue]

Thank you!! I need to know all of the phase outs for IRA deductions and child tax credits etc? I know #2 pretty well. If I need to remember phase outs for personal exemptions etc I will. I know the AMT phaseout, child tax credit, IRA. What others do you think are important?

A - 79 expires 4/30/16 need a pass on REG
B - 78
F - 80
R - 83!!! Can live again!

[wombataholic]

Probably yes to IRA contributions, based on the number of ninja mcqs that covered that topic, and probably not to child tax credits (or tax credits in general.) Not to say that tax credits won't be tested, but I would focus more on common deductions.

As a general rule, I would say that you'd better know the deductions (both pre and post-AGI) whose limits/floors don't change dramatically from year to year inside and out. For example: medical deductions, capital losses, 1244 stock, casualty losses, 179 deductions (not necessarily the specific numbers, but the principles of it), depreciation (better know when to use mid-year and mid quarter).

Licensed CPA
Passed each section on the first try with Ninja Notes/MCQ/Audio

[Nessie]

Good luck CR!! You will do great!

From what I remember about REG, knowing the *exact* thresholds for what you mentioned was not overly important. Actually, the questions that I considered the toughest were conceptual. The test is not expecting people to memorize these percentages, but rather, be aware of them. I would skim over B-law. I recall quite a few short questions that were easy points about B-law.

REG Aug 20/15: 88
AUD: Feb 29/16: 80
FAR: Jun 10/16: 80
BEC?

Becker self-study, Becker Final Review & NINJA MCQS

[Credit Revenue]

Ok – thank you. I do know all of those through pounding MCQ's. You think knowing the phaseouts related AGI phaseouts related to educational expenses for example is overkill? Know $2,500 is deductible for interest and $5,250 is excluded from AGI when reimbursed from the employer and that would be plenty. I know gross income, AGI, itemized deductions, and exemptions. Do I need to know the tax brackets for the various income levels? I know the capital gains related ones, but that's pretty simple. So for example if taxable income is $45,000 the tax rate will typically be given?

A - 79 expires 4/30/16 need a pass on REG
B - 78
F - 80
R - 83!!! Can live again!

[Credit Revenue]

Thank you Nessie. B-Law is probably my weakest area, but I think I know enough to perform decent in that area. I have a Becker final review book. I may quickly read over the B-Law one more time before Saturday. I am so ready for the exam to be over. I normally do not stress very much, but this exam has stressed me out to the max. Not REG specifically… Just the overall process.

A - 79 expires 4/30/16 need a pass on REG
B - 78
F - 80
R - 83!!! Can live again!

[wombataholic]

You probably won't need to know the specific income levels for tax brackets, since those change from year to year, but you probably should know the corresponding capital gains brackets. For example, if a TP in the 28% tax bracket has a capital gain, you probably ought to know the rate at which it will be taxed.

Knowing all the phaseouts is probably overkill, but knowing the ones that are common deductions (ie IRA) wouldn't hurt. I wouldn't rank it high on the “Must know” list though.

Licensed CPA
Passed each section on the first try with Ninja Notes/MCQ/Audio

[Credit Revenue]

Thank you very much for your help.

A - 79 expires 4/30/16 need a pass on REG
B - 78
F - 80
R - 83!!! Can live again!

[CPA2BEE]

Good luck @Credit Revenue! Let us know how it goes.

FAR - 80
AUD - 82
BEC - 80
REG - 85

ETHICS - 90
EXPERIENCE - COMPLETE
Application for California license mailed 8/4/2016

[Credit Revenue]

Thank you! I will. I have been on this site a ton lately. I probably won't be very much after Saturday since this will be over, but I will check back in and give you an update for sure.

A - 79 expires 4/30/16 need a pass on REG
B - 78
F - 80
R - 83!!! Can live again!

[Author]

Replies