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CFP > Even Harder Level Subjects > Flashcards

Even Harder Level Subjects Flashcards

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CFP® flashcards
1
Q

Form 1040 Flowchart

A 
Gross Income
Adjusted Gross Income
Taxable Income
Taxable Calculation
Tax Liability
Net Tax Due/Refund
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2
Q

Gross income inclusions (11)

A 
Wages, salaries, tips
Taxable interest
Ord dividends
Business income or loss
Taxable Soc Sec
Cap gains/losses
IRA distributions
Pensions and annuities
Real estate income/loss
Unemployment income
Punitive damages
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3
Q

Adjustments for AGI (8)

A 
IRA contributions
Keogh or SEP
1/2 self-employment tax (0.07065)
Alimony paid (pre 2019)
self-employment health insurance
$2500 student loan int
Contributions to HSA
Moving exp (active military only)
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4
Q

What’s on 1040 Schedule A

A

itemized deductions

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5
Q

What’s on 1040 Schedule B?

A

Taxable interest

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6
Q

What’s on 1040 Schedule C?

A

Business income or losses

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7
Q

What’s on 1040 Schedule D?

A

Capital gains and losses

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8
Q

What’s on 1040 Schedule E?

A

Real estate income/loss

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9
Q

How many filing statuses are there?

A 
5
Single
MFJ
Head of Household
MFS
Qualifying widow(er)
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10
Q

Can a buy-sell agreement not be in writing or insured?

A

yes, it can, it can be a naked promise to pay or an installment sale

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11
Q

How many kinds of Limited Liability Companies are there?

A

two - LLC and LLP

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12
Q

What company form is an LLC?

A

a partnership

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13
Q

How does a limited liability company offer conduit taxation?

A

losses up to at risk basis (like partnership)

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14
Q

C Corp keys

A

Separate tax entity

DRD - 50% dividend-received deduction

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15
Q

PSC key (tax)

A

no graduated tax rates, flat 21%

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16
Q

Sole proprietorship keys

A 
Pension Plan (Keogh)
100% of medical dental LTC insurance is deductible for owner
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17
Q

Partnership keys

A

Pension plan (Keogh)
100% medical dental LTC insurance deductile for owners
lack of continuity at death
losses up to basis

18
Q

DEFN: Risk-free

A

limited or no liability exposure

19
Q

DEFN: Risky

A

liability exposure

20
Q

Limited Liability Corporation keys

A 
limited liability (like a corp)
losses up to basis (like a partnership)
21
Q

Limited Partnership keys

A

Ltd partners cannot actively participate in business

Losses up to basis

22
Q

Positives on buying a home vs. renting

A

tax deductions for interest and taxes
capital gains on sale
higher marginal tax bracket, great adv of ownership

23
Q

Positives on renting vs. buying a home

A

rent lower, save money
no closing or maintenance costs
no long contract or obligation

24
Q

QTP

A

qualified tuition plan

25
Q

Education phaseouts (5)

A 
EE bonds
Coverdell Accts
Lifetime Learning Credit
American Opportunity Credit
Education Loan Int Deduction
26
Q

Highest possible 529 contribution per kid

A

$75,000 (5 yrs x 15k max contr)

27
Q

Financing for Poorish (<60k) families

A

Pell Grants
Supplement Education Opportunity Grant
Subsidized Stafford Student Loans

28
Q

AOC

A

$2500 per student for first 4 years

$160-180K MGI phaseout MFJ

29
Q

Lifetime Learning Credit

A

$2000 max undergrad/grad

phaseout $118-138K magi MFJ

30
Q

3 ways to finance graduate years

A

Fulbright Scholarship Stafford Loans
Section 529
Coverdell withdrawal (to 30)

31
Q

Flowchart for Estate Tax (6 stages)

A 
Gross Estate
Adjusted Gross Estate
Taxable Estate
Tax Base
Tentative Tax
Net Estate Tax
32
Q

What’s a synonym for DWR?

A

IRR

33
Q

What’s arithmetic mean?

A

average

34
Q

What’s time-weighted return?

A

geometric mean

35
Q

How long carry forward?

A

Forever

36
Q

oASDI

A

Old age, survivor, and disability insurance

37
Q

MAGI

A

Add in Muni bond interest

38
Q

ADP test

A

Actual deferral percentage

39
Q

ACP test

A

Actual contribution percentage

40
Q

How long can a donation over 60% of AGI be carried over?

A

5 yrs

41
Q

How is a collectible donated for unrelated use valued in a donation?

A

use basis, not fair market value, unless it’s used related

42
Q

What is a bargain sale?

A

Something sold at a discount to fair market value.

CFP (16 decks)

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