[Anonymous]

Just curious as to which amounts I should bother memorizing for the Exam?

[CPA Slayer]

There are a lot. I memorized only the ones that popped up in my Becker Questions. Those seemed to get the job done.

FAR - 84
REG - 86
AUD - 90
BEC - 88

KO the test in 5 months even though I am a dummy!

Through God all things can happen!

"But, in our defense, accountants aren't really boring people.
We just get excited over boring things."

[WheresMy75]

Has anyone created an outline that has all of the deduction amounts, credit limitations, etc. on it to use as a quick reference?

[Anonymous]

I think you ought to look at pages 1 and 2 of a 1040. Know what the “above the line” deductions are versus what the itemized deductions generally are that go to Schedule A. Know where your exemptions show up at.

Gross income
less above line deductions
= Adjusted Gross income (AGI)
less exemptions
less itemized (or standard) deduction
= taxable income

That flow is right off the 1040.

[If I can, u can too!]

above the line, below the line are the basics you must know. they can ask a SIM on those. you have to memorize conditions for blaw such as what qualifies a negotiable, holder in due course etc… there is ton of stuff you gotta memorize. this is a beast so do not under-estimate. i feel there were 5 or 6 times more formulas, conditions i memorized for REG vs FAR.

If I can do it, you can do it too!

Certified CPA, 2016

Licensed CPA since Apr 16
Order in sequence of passing
FAR-71,71,79
BEC-80
REG-72,77
AUD-56,72,72,72,80! Thank you, thank you, thank you Lord!
FAR/BEC/AUD: Becker & Yaeger lectures (Wiley & Ninja MCQs). REG: Becker lectures (Ninja MCQs).

[EuroAddict]

I took the approach of remembering phase out for formula's. Meaning know the AMT formula for individual and corporate. I studied the elderly / disabled credit formula. I couldn't tell you the phase-outs of IRA's etc. Maybe I got lucky tho lol

-----------------------------
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 wouldn't bother memorizing anything that's indexed for inflation unless your study material specifically tells you to memorize it. These numbers change annually and the CPA exam isn't updated- they will give you the amount to use in the question. Also, don't memorize every phase out amount-that's just crazy. Just have a rough idea that anything over 100k is usually phased out.

[Author]

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