[EuroAddict]

Becker’s review mainly says just know that they exist but how important is it to know the exact amount? There are so many of them and hard to keep straight. I don’t want to sped a lot of time on it if I don’t have to.

For instance: Excessive AGI for IRA 61-71 for single, 98-118 joint.

-----------------------------
BEC - 77, 03/2015 (first try)
FAR - 79, 05/2015 (second try)
REG - 83, 12/2015 (first try)
AUD - 84, 03/2015 (first try)

I got 99 problems but the CPA ain't one.

[MaLoTu]

AGI is important for the mom and pop tax. Or whatever it is called. The one that deals with passive income losses to individuals, but other than that I don't recall AGI limits being critical. Know how to get to AGI and the difference between above line deductions and below the line deductions.

Almost always from my phone... please excuse my typos!

All 4 passed - 2016

CA CPA

[EuroAddict]

That's what I was hoping for.

-----------------------------
BEC - 77, 03/2015 (first try)
FAR - 79, 05/2015 (second try)
REG - 83, 12/2015 (first try)
AUD - 84, 03/2015 (first try)

I got 99 problems but the CPA ain't one.

[Anonymous]

I think there are a few you need a general idea of, like the rental loss AGI limit, maybe IRA limits. I tried to get an idea of the ballpark AGI limits for the tax credits that kept showing up again and again in my MCQs. I paid more attention to the limits that were round, even numbers (150k) rather than something like 89,475.

I had asked the same thing a few months back, I asked if we needed to know the limits for ” section 179, org costs, and a few others, but the question was directed more toward tax credits, like the American Opportunity Credit”

And Jeff replied:

^ I would know these.

[SIMmer Down]

Here's what I would know:

What is AGI? (Especially it's relation to “deduction for AGI” and “deduction from AGI”)

What is the purpose of it? It's basically a number which you use to calculate various phase outs.

Know how to calculate AGI.

I would not waste my time learning how to calculate the phase outs.

Credit:

4 years public accounting experience in individual taxation

[MaLoTu]

Also, not directly related to AGI, but gift and estate taxes are important to know and definitely with gift tax you will need to know the limits. I almost underestimated that section of Becker, but I am glad someone advised me otherwise. That whole chapter about property tax, gift tax, and estate taxes is important.

Almost always from my phone... please excuse my typos!

All 4 passed - 2016

CA CPA

[Author]

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