Shared Flashcard Set

Details

Becker CPA - Regulation 2
CPA Exam
11
Accounting
Professional
06/07/2010

Additional Accounting Flashcards

 


 

Cards

Term

List the deductions for AGI.

Definition
  • Educator Expenses
  • IRA
  • Student Loan Interest Expense
  • Tuition & Fees
  • HSA
  • Moving Expenses
  • One-Half Self-Employment FICA
  • Self-Employed Health Insurance
  • Self-employed Retirement
  • Interest Withdrawal Penalty
  • Alimony Paid
  • Attorney fees in discrimination/whistleblower
  • DPAD

 

Term
Which is a deduction for AGI: Child support or alimony?
Definition
Deduction for AGI = Alimony Paid.

Child support ND by payor/taxable to recipient.
Term
What are the limits on IRA deductions?
Definition
For IRAs, the lesser of $5,lesser of $5,000, $10,000 both spouses.

Phase out percentage is 20% of maximum IRA deduction.
Term
What are the limits on nondeductible IRAs?
Definition
Lesser of:
a. $5,000 for 2009
b. Individual's compensation
c. Limit not contributed to other IRAs
Term
What is the time limit on Coverdell Education Savings Accounts?
Definition
Any amounts remaining when beneficiary reaches age of 30; distributed.

Left over:
Must be distributed to beneficiary, taxable and %10 penatly.
Rollover to another family member permitted, no %10 penalty.
Term
What are the limits on deductions to Keogh plans?
Definition
Keogh plans are for self-employed taxpayers and employees.

Deductible less %25 net earnings from SE and 1/2 self employment tax; or $49,000.

Max annual addition may exceed the deductible amount for year. Limited to lesser of $49,000 (2009) or 100% net earnings if compensation is less than $49,000.
Term
Describe self-employed deductions for AGI.
Definition
a. Self-employment tax.
- %50 self-employment tax.
b. Self-employed health insurance
- 100% deductible.
Term
What are the requirements for moving expenses to be deductible?
Definition
Change job sites, 50 miles from former residence, new location 39 weeks during 12 months following arrival.
Term
What is the add'l deduction for elderly and/or blind?
Definition
65/older, $1,400 or 1,100 MFJ.
Blind = same amounts as above.
Both = $2,800/$2,200.
Term
What taxpayers are not eligible to use the standard deduction?
Definition
Anyone except for kids.
Term
Identify the major classes of itemized deductions?
Definition
Medical/Dental expenses
Taxes Paid
Iterest
Gifts to charity
Casualty and theft
Miscellaneous deductions, %2 floor
Other (gambling
Supporting users have an ad free experience!