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CFP Tax Flashcards

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1
Q

MFS Capital Loss

A

$1,500

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2
Q

If a partner brings property into the partnership, use FMV or basis?

A

Must use tax basis (this is the limit for losses as well)

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3
Q

AMT Formula

A

Regular taxable income
AMTI
AMT Base
Gross AMT
Tentative Minimum Tax
AMT

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4
Q

Regular taxable income to AMTI

A

Add: Tax preference items
Add: Standard deduction
Add/Subtract: AMT adjustments and tax preference items

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5
Q

AMTI to AMT base

A

Less: Exemption Amount

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6
Q

AMT Base to Gross AMT

A

Times AMT tax rate

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7
Q

Gross AMT tax to Tentative minimum tax

A

Less: AMT foreign tax credit

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8
Q

TMT to AMT

A

Less: Regular tax liability

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9
Q

Penalty for a frivolous return

A

$5,000

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10
Q

Penalty for negligence

A

20% of amount of deficiency

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11
Q

Penalty for fraud

A

75% penalty

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12
Q

Failure to file

A

5% of the unpaid taxes for each month up to 25%
Minimum $435 penalty if more than 60 days

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13
Q

Failure to pay

A

0.5% per month up to 25%

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14
Q

Failure to furnish a copy to taxpayer

A

$50

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15
Q

Failure to sign return

A

$50

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16
Q

Failure to furnish ID number

A

$50

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17
Q

Failure to retain copy or list

A

$50

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18
Q

Failure to file correct info

A

$50

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19
Q

Failure to determine eligibility for benefits

A

$545

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20
Q

Form 5498

A

Total annual contributions to IRA accounts

21
Q

NII Threshold MFJ

A

$250,000

22
Q

NII Threshold Single

A

$200,000

23
Q

NII Threshold MFS

A

$125,000

24
Q

NII Threshold HoH

A

$200,000

25
Q

NII Threshold Widower

A

$250,000

26
Q

Tax Exclusions

A

M uni bond interest
A ccident and health plans ER premiums
F ringe
I nheritance & gift
A ccident and health amount received
S cholarships
P ersonal residence gains
A doption assistance
D eath benefit
D ependent care assistance
E ducational assistance program
D ebt discharged
M eals and lodings
I nterest on education bonds
C ompensatory damages
S upport payments received

27
Q

Adoption Assistance Exclusion

A

up to $14,890

28
Q

Educational Assistance Program

A

up to $5,250

29
Q

FBAR Must be submitted

A

when value of all foreign accounts (FFA) exceeds $10,000 at ANY TIME during the calendar year reported (finCEN Form 114)

30
Q

FBAR form

A

FinCEN Form 114

31
Q

FATCA form

A

Form 8938

32
Q

FATCA requirements US residents

A

MFJ:100,000 at end of year; 150,000 at any time
Single: 50,000 at end of year; 75,000 at any time

33
Q

FATCA requirements non US

A

MFJ: 200,000 at end of year; 300,000 at any time
Single: 400,000 at end of year; 600,000 at any time

34
Q

Qualified plan NOT exceptions to 10% penalty

A

Education. health insurance while unemployed & first time home purchase

35
Q

SIMPLE IRA distributions

A

25% penalty in first 2 years

36
Q

Charitable Carry Forward

A

5 years

37
Q

Section 121 Exclusion: if home is transferred as a result of divorce

A

Divorced spouse ownership period is ADDED to the taxpayer’s period of ownership

38
Q

Schedule H

A

Household employment taxes, when employee paid at least $2,300 or all cash $1,000+ during any quarter

39
Q

Mileage Deduction

A

$0.14 per mile

40
Q

What can be deducted when contributing charitable services?

A

Unreimbursed expenses (transportation, lodging, meals)

41
Q

What does not qualify for Section 179 treatment?

A

Property, air conditioning/heating

42
Q

Section 179 Maximum

A

$1,080,000

43
Q

Section 179 Expense Limitation

A

Up to the firm’s net profit

44
Q

Max depreciation on Section 179

A

Expense up to net income and choose MACRS for remainder (can use year 1 MACRS as additional depreciation)

45
Q

Need written acknowledgment from charity for charitable contribution deduction

A

$250

46
Q

Child & Dependent Care Credit

A

To cover childcare expenses for children under 13, Nonrefundable, minimum credit is 20% of qualified expenses w/ AGI over $45,000

47
Q

Child Tax Credit

A

Dependent under 17, max credit is $2,000 per person (AGI under $200k single, $400k MFJ); additional credit can be partially refundable ($1,500)

48
Q

QBID

A

lesser of 20% of QBI or 20% of taxable income (taxable income = AGI - capital gains - standard deduction)

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