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Exam (elaborations)

REG CPA Exam UPDATED ACTUAL Questions and CORRECT Answers

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  • REG CPA
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  • REG CPA

REG CPA Exam UPDATED ACTUAL Questions and CORRECT Answers Qualified Higher Education Expense - CORRECT ANSWER- up to $4,000 of tuition and fees for enrollment may be deducted by taxpayers with AGI up to $65,000 1040 Adjustments - CORRECT ANSWER- I EMBRACED Education, Health, and Farm Interes...

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  • October 18, 2024
  • 17
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • REG CPA
  • REG CPA
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MGRADES
REG CPA Exam UPDATED ACTUAL
Questions and CORRECT Answers
Qualified Higher Education Expense - CORRECT ANSWER✔✔- up to $4,000 of tuition
and fees for enrollment may be deducted by taxpayers with AGI up to $65,000


1040 Adjustments - CORRECT ANSWER✔✔- I EMBRACED Education, Health, and Farm


Interest on student loan
Employment tax
Business expense
Rent/Royalty
Alimony paid
Contributions to retirement
Early withdrawal penalty
Jury duty pay
Education expense
Health savings account
Farm income


Federal and state income tax refunds - CORRECT ANSWER✔✔- excluded from a
taxpayer's taxable income to the extent that the refund did not reduce the amount of tax for
the earlier year


interest earned is considered taxable


Itemized Deductions - CORRECT ANSWER✔✔- COMMITT


Charitable contributions
Other miscellaneous
Miscellaneous expenses - 2%

,Medical expenses - 10%
Interest
Taxes
Theft or casualty 10% - $100


When must an individual file a tax return? - CORRECT ANSWER✔✔- if their income is
greater than the sum of their personal exemption plus their standard deduction


Kiddie tax - CORRECT ANSWER✔✔- child's unearned income ($2,100) about the
thresholds is subject to tax at the parents higher rate


Social security benefits - CORRECT ANSWER✔✔- up to 85% of benefits may be taxable


if less than $25,000 provisional income - the person can exclude all SS income


provisional income exceeding $60,000 - maximum of 85% inclusion


Net operating losses for an individual - CORRECT ANSWER✔✔- Carryback 2 years carry
forward 20 years


student loan interest for higher education - CORRECT ANSWER✔✔- $2,500 phase out
applies


Self employment tax - CORRECT ANSWER✔✔- 50% of tax is deductible on return
100% of medical insurance premiums paid for self an family are deductible


Moving expenses - 1040 - CORRECT ANSWER✔✔- must work at least 39 weeks (9
months)
direct costs of moving you and stuff


Hobby loss - CORRECT ANSWER✔✔- if no profit 3 of 5 years - loss is not deductible and
it is considered a hobby loss

, net income= other income
expenses = sch. A misc. 2%


Alimony paid - CORRECT ANSWER✔✔- CANNOT


Cash only
Apart when payments mad
Not child support
Not designated as property settlement
Own return for payer and payee
Terminates on death of recipient


alimony is both taxable to the recipient and deductible by the payer


Traditional IRA contributions - CORRECT ANSWER✔✔- deductible in arriving at AGI



Roth IRA contributions - CORRECT ANSWER✔✔- not deductible



Roth IRA distributions - CORRECT ANSWER✔✔- withdrawals after the age 59 1/2 are
exempt from taxation


IRA - early withdrawals - CORRECT ANSWER✔✔- penalty of 10% if withdrawn before
age 59 1/2


IRA early withdrawal penalty exclusions - CORRECT ANSWER✔✔- medical expenses
education costs
death
first time home purchase

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