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Enrolled Agent Exam Review > Enrolled Agent Exam > Flashcards

Enrolled Agent Exam Flashcards

1
Q

Taxable Income Sources

A

Wages, salaries, interest, dividends, self-employment income, rental income, capital gains, alimony (pre-2019 agreement), gambling winnings, certain retirement contributions

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2
Q

Wages and Salaries

A

Income earned from employment as reported on form W-2

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3
Q

Interest and Dividends

A

Interest from savings accounts, CD’s or bonds and dividends from stocks

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4
Q

Self-Employment Income

A

Reported on Schedule - C: Includes freelance and contract work

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5
Q

Rental Income

A

Income derived from leasing properties reported on Schedule - E

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6
Q

Capital Gains

A

Profits from the sale of investments or porperty

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7
Q

Capital Gains - Short Term Asset

A

Asset held for less than a year, taxed at regular rate

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8
Q

Capital Gains - Long Term Asset

A

Asset held for more than a year, taxed at reduced rate

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9
Q

Other Income

A

Alimony (Pre-2019 Agreement), Gambling Winnings, Certain Retirement Contributions

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10
Q

Non- Taxable Income Sources

A

Gifts and inheritances, life insurance proceeds, certain scholarships

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11
Q

Gifts and Inheritances

A

Generally excluded from income

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12
Q

Life Insurance Proceeds

A

Not taxable unless exceeding policy value

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13
Q

Certain Scholarships

A

Exempt if used for qualified educational expenses

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14
Q

Reporting Requirements

A

ALL INCOME MUST BE REPORTED ANNUALLY ON FORM 1040
Forms 1099-INT, 1099-DIV and 1099-MISC/NEC Ensure compliance

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15
Q

1099-INT

A

Interest Income

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16
Q

1099-DIV

A

Dividend Income

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17
Q

1099-MISC/NEC

A

Non-Employee Compensation

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18
Q

Adjustments to Income

A

Calculated to determine adjusted gross income (AGI)

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19
Q

AGI

A

Adjusted Gross Income

20
Q

“above-the-line deductions”

A

Adjustments to Income

21
Q

Educator Expense

A

K-12 eductor can dedcut up to $300 for classroom supplies

22
Q

Student Loan Interest

A

Up to $2,500 of interest paid pm qualified student loans

23
Q

Traditional IRA Contributions

A

Deductible based on filing status and income

24
Q

Self-Employment Deductions

A

Health Insurance Premiums, Self-Employment Tax

25
Q

Health Insurance Premium Deduction

A

Only for the self-employed

26
Q

Self-Employment Tax Deduction

A

Deduct 50% of Social Security and Medicare taxes paid

27
Q

Health Savings Account (HSA) Contributions

A

Tax deductible contributions to an HSA for high-deductible health plans

28
Q

HSA

A

Health Savings Account

29
Q

Alimony Payment Deductions

A

For aggreements finalized before 2019

30
Q

Standard Deduction

A

Fixed deduction based on filing status

31
Q

Filing Status

A

Single, Maried Filing Separately, Married Filing Jointly, Head of Household

32
Q

Single Status Standard Deduction

A

$13,850 (2024)

33
Q

Married Filing Seperately

A

$13,850 (2024)

34
Q

Married Filing Jointly

A

$27,700 (2024)

35
Q

Head of Household

A

$20,800 (2024)

36
Q

Standardized Deduction Benefits

A

Simple to claim and doesn’t require itemized records

37
Q

Itemized Deductions

A

May benefit taypayers with higher deductible expenses

38
Q

Itemized Deductions

A

Includes: Medical and dental expenses, state and local taxes (SALT), Mortgage Interest, Charitable Contributions, Casuaualty and Theft Loses

39
Q

Medical and Dental Itemized Deduction

A

Deduct amounts exceeding 7.5% of AGI

40
Q

State and Local Taxes (SALT) Itemized Deduction

A

Limited to $10,00 for state and local income, sales and property taxes combined

41
Q

Mortgate Interest Itemized Deduction

A

Deductible interest on loans up to $750,000

42
Q

Charitable Contribution Itemized Decution

A

Deduction contributions to qualified organizations

43
Q

Casualty and Theft Loses Itemized Decution

A

ONLY FOR FEDERALLY DECLARED DISASTERS

44
Q

State and Local Taxes

A

SALT

45
Q

SALT

A

State and Local Taxes

46
Q

Standard Vs itemized Deduction Comparison

A

Tax payers choos the method (standard or itemized) that results in the lowest taxable income

Enrolled Agent Exam Review (1 decks)

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