[jeff]

Welcome to the Q2 2015 CPA Exam Study Group for REG.

“Death and Taxes” – Individual Tax for the CPA Exam

Posted by Another71 on Monday, November 24, 2014

Free NINJA: https://www.another71.com/cpa-exam-study-plan/

AUD - 79
BEC - 80
FAR - 76
REG - 92

Jeff Elliott, CPA (KS)
NINJA CPA | NINJA CMA | NINJA CPE | Another71

[Svitlana85]

@Gabe did not schedule yet. The more I study the less I feel that I know. This one will be the death of me.

You seem to be pretty ready for yours. I hope to get to that point soon.

CPA Excel/Wiley/Ninja Notes/MCQs

FAR Feb 2014 85
AUD Aug 2014 88
BEC Nov 2014 85
REG Feb 2015 71 Retake April 16, 2015

[Svitlana85]

Speaking of Medical Expenses for AMT, It says that regular tax deduction for medical expenses – exceeding 10% AGI. The same applies to AMT (anything exceeding 10% AGI). So what do we have to add back for AMT?

CPA Excel/Wiley/Ninja Notes/MCQs

FAR Feb 2014 85
AUD Aug 2014 88
BEC Nov 2014 85
REG Feb 2015 71 Retake April 16, 2015

[Kate]

@Gabe thanks. To extend that, if the “events” that caused a bonus occurred on March 14, how would you treat that?

AUD (2/3/2015) Pass
REG (4/24/2015) Pass
FAR (8/3/2015) Pass
BEC (10/25/2015) Pass

[Kate]

In reply to @Svitlana85 regarding @Gabe- if you do not pass REG I am flying to NASBA and the AICPA and demanding they read your Another 71 posts because you are the REG master. Meanwhile, as shown last night, I dont understand the difference between cash and accrual (joking, but just trying to add some humor). True winner right here

AUD (2/3/2015) Pass
REG (4/24/2015) Pass
FAR (8/3/2015) Pass
BEC (10/25/2015) Pass

[Gabe]

Kate-

1. Thanks 🙂

2. cash to accrual is horrid, so don't feel bad

3. if accrued on March 14th, deduct it NEXT year.

CPA, CFE
CISA- Experience will be completed by August 2016

[Gabe]

Svitlana85 that's where I am confused as well…I believe if you're under 65 the medical expenses would not affect AMT. However, there are becker questions that add the difference…anyone else know for sure?

check out this thread: https://www.another71.com/cpa-exam-forum/topic/medical-expenses-on-amt

seems like there is no AMT add back for medical for folks under 65…I know it's not in the Ninja notes.

CPA, CFE
CISA- Experience will be completed by August 2016

[Svitlana85]

Thank you for sending link that that thread. That clarifies it for me.

CPA Excel/Wiley/Ninja Notes/MCQs

FAR Feb 2014 85
AUD Aug 2014 88
BEC Nov 2014 85
REG Feb 2015 71 Retake April 16, 2015

[Anonymous]

100% of Becker's REG lectures are complete. I just have to finish the last few MCQ for R4 and the sims for R4 and I'll be in my review phase. That gives me about a month and a half for review before I sit.

[willpassby2014]

Mary received the following amounts during the year: wages: $40,000, child care reimbursement from her employer: $10,000, group-term life insurance premium on coverage equal to her salary ($40,000) which has a cost of $2,100, Unemployment compensation: $7,200. Mary receives the child care reimbursement and group life insurance as part of her employer's cafeteria plan. What amount is included in Mary's gross income?

57200

47200

50000

59300

BEC Passed
FAR Passed
AUD Passed
REG Passed

[Anonymous]

willpassby2014

47200

Group term life insurance under 50K isn't included in gross income

[willpassby2014]

Answer is 57200. Any cafeteria allowance received in cash is taxable. $10,000 child support is received in cash

BEC Passed
FAR Passed
AUD Passed
REG Passed

[Anonymous]

You're right I read the question wrong I was thinking it said the group term life insurance was 10K

[Anonymous]

100% of Becker MCQ done at least once. I still need to finish R4's sims (tomorrow, I'm fried now) and then move into review phase. I'm a bit scared because there is SO much information and it's pretty overwhelming right now.

[Anonymous]

@angelwatch that's awesome!! you have plenty of time for review! I know it's very overwhelming I'm on R6 right now. I did R1 and skipped over to R5. I'm moving a little slow I need to pick up the pace a little lol. How many hours do you usually study? and do you listen to the Becker lectures?

[Anonymous]

I don't keep exact count but for FAR it was around 300 hours. AUD I slacked and was significantly less than 100. BEC was around 200.

Yes, I do 100% of Becker's lectures as self study. I wasn't getting value out of the live lectures (after 2 or 3 hours I was so fried I wasn't learning anything). So I switched to self study to do 1 topic at a time.

I feel I understand the core concepts ok. Nut there are so many little rules, nuances and exceptions that it's so easy to miss things.

[Author]

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