Income Phaseouts

  • Creator
    Topic
  • #1290210
    WANT2BTXCPA
    Participant

    Do I need to memorize the income phaseouts for personal exemptions, credits etc?

    REG - 78
    BEC - 68, Retake 9/17
    FAR - 12/17
    AUD - 3/17

    Trying to finish this, so I can get on with my life.

Viewing 8 replies - 1 through 8 (of 8 total)
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    Replies
  • #1290457
    Rach0104
    Participant

    IM taking reg in a couple days and I am stressed about this too. I have tried to remember the major phaseouts that seem emphasized; mom and pop rule, AMT for ind and Corps, but i cant remember the AGI phaseouts for the credits, there are just too many of them. Any advice fellow future CPAs????

    AUD - 83
    BEC - 81
    FAR - 77
    REG - 79
    !
    #1290546
    Anonymous
    Inactive

    In my opinion, based off the released AICPA questions in test banks etc. (and since I took my exams 3 years ago, probably most of the questions I saw on my exams are released by now 😛 ), it seems like the exam questions are more focused on “do you know the laws if you have the numbers”, and less on “do you know this number which changes every year”. So, I didn't focus on memorizing lots of phaseouts or anything like that, and I don't think it hurt me particularly in practice or on the exam. Of course, YMMV. But, given that the released questions usually provided that information if I needed it, or there was a way to think through the question to not need it, I didn't find it was worth memorizing.

    Now some very basic numbers – like standard deduction and exemption – I had memorized, but that was partially from repeatedly calculating my potential total tax for the year under different scenarios. 😛

    #1290700
    Skynet
    Participant

    Income phase out usually occurs when guys have girlfriends or wive. The income phases out dramatically during that time. It is then replace d by Credit debt or other debt like a Mortgage : )

    AUD - 90
    BEC - 78
    FAR - 84
    REG - 87
    World Domination Plan

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    BEC : 78
    REG : 87
    FAR : 84
    AUD : 90

    World Domination Plan

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    #1303300
    Anonymous
    Inactive

    I am seeing some serious exam disclosure violations again two posts above. Please don't get this whole thing shut down. 🙁

    #1303365
    WANT2BTXCPA
    Participant

    My apologies. I actually found the answer, when listening to my R2 lecture. In it, Tim states to not get overloaded with memorizing the phaseouts. Just know that anyone with an AGI over 100 is considered “rich” and will start to experience phaseouts. He also mentioned that if you miss 1 question because of not knowing the exact phaseout limits, that's fine. No need to waste brain space memorizing THAT.

    REG - 78
    BEC - 68, Retake 9/17
    FAR - 12/17
    AUD - 3/17

    Trying to finish this, so I can get on with my life.

    #1303411
    Anonymous
    Inactive

    C9p9a9 – I think my post is the one 2 posts up from yours that you were referencing, and I'm always quite careful about exam disclosure and caution others against it, so I'm genuinely asking – what about my post did you consider to be exam disclosure? I try to state very clearly observations based off of AICPA released questions, and even pointed out that my exam was so long ago that likely all questions from it are released by now, though I didn't specifically say what I did or didn't see on my exam (mostly since I can't remember – I've never been one of those that can leave an exam and remember what was on it), only that I don't think that my approach hurt me on the exam (I passed, and felt fairly confident during the exam). However, if my post appears to contain disclosures, I would appreciate clarity regarding the parts which are a problem, cause even after re-reading, I don't see them.

    #1303426
    waffle_house
    Participant

    I'm studying for Reg using Becker and I'm not going to stress over phase-out numbers (kind of like I did with BEC and formulas).

    @C9p9a9

    Serious exam disclosure where? Lol

    AUD - 80
    BEC - 75
    FAR - 84
    REG - 76
    Exams started Sep 2014 -Exams done Mar 2017

    Texas CPA

    I put in work, it was evident

    #1303600
    Spartans92
    Participant

    Neither do I.. Disclosure??

    BEC - 76
    REG- 67, 85
    AUD-63, 74, 80!!
    FAR-65, 62, 57, 79

    3 down 1 more to go. BEC is on the Line 🙁

    BEC- PASS

Viewing 8 replies - 1 through 8 (of 8 total)
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