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...
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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