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REG Exam Questions & Answers 100% CORRECT 2024/2025 $8.49   Add to cart

Exam (elaborations)

REG Exam Questions & Answers 100% CORRECT 2024/2025

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  • REG
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  • REG

REG Exam Questions & Answers 100% CORRECT 2024/2025 Supplementary Income/Loss (RRF-COP) R - Rental Income R - Royalties C - Copyrights O - Oil/Gas leases P - Patents F - Flow Through Entities (S corp, Partnership, Estates & Trusts) - ANSWERSSchedule E I EMBRACED Education, Heath, a...

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  • August 12, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • REG
  • REG
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REG Exam Questions & Answers 100%
CORRECT 2024/2025

Supplementary Income/Loss (RRF-COP)

R - Rental Income

R - Royalties

C - Copyrights

O - Oil/Gas leases

P - Patents

F - Flow Through Entities (S corp, Partnership, Estates & Trusts) - ANSWERSSchedule E



I EMBRACED Education, Heath, and Farm

I - Student loan Interest

E - Self Employment tax (50%)

M - Moving Expenses

B - Business Expenses (Schedule C)

R - Rental, Royalty, Flow-Through entity (Schedule E)

A - Alimony paid (CANNOT)

C - Contributions to retirement plan

E - Early withdrawal penalty (when used for reinvestment)

D - Jury Duty fee *If remitted to employer

Education - Qualified higher ed expenses

Health - Contributions to Health Savings Account (HSA)

Farm - Farm income (schedule F - Similar to schedule C) - ANSWERSAdjustments FOR (To) AGI



CANNOT

C - Cash payments or equivalent

, A - Apart when payments made

N - Not child support (support paid first)

N - Not designated as property settlement

O - Own return for payer & payee (no joint return)

T - Terminates upon death of recipient - ANSWERSAlimony



COMMITT

C - Charity (50% limit)

O - Other Miscellaneous

M - Miscellaneous (2% hurdle) (BIT)

B - Business expenses

I - Investment expenses (safety deposit box)

T- Tax prep fees

M - Medical expenses (10% hurdle)

I - Interest paid

T - Taxes paid (state, local, property/real estate)

T - Theft and casualty losses (10% hurdle & $100 per event) - ANSWERSItemized deductions FROM AGI
(Schedule A)



NOT a GIMC

G - Gambling losses

I - Investment Interest

M - Medical expenses

C - Casualty losses - ANSWERSItemized deductions affected by 80% phaseout limit



JARRS

J - Joint return - No

A - Age (under 19 or 24 is fulltime student)

R - Residency (US, Canada, Mexico)

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