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Reg 2015 > Individual Taxes > Flashcards

Individual Taxes Flashcards

1
Q

Ee benefits

A 
$25 - gifts
Gifts
$5000 care
$5250 edu
$250 tolls
$130 parking
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2
Q

Itemized deductions

A 
Medical -10% Agi
Taxes pd
Investment interest 
QRInterest - 1 mil/100k
QRInsurance - mort lif / 84 mo
Casualty loss
Charitable contributions
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3
Q

Unlimited itemized deductions

A 
Gambling losses
CGP loss
Tax decendent income 
Tax bond premium
Disabled work devices
Interest pension unrecovered
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4
Q

2% itemized limit

A 
Job exp
Investment exp
Hobby expenses
Tax prep
Legal alimony
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5
Q

Agi

A 
L - legal discrimination and tax disputes 
E - education 250
A - alimony 
P- penalty early savings wd
S - se tax, student interest - 2500 (magi 65-80) student tuition 4000
H - htLth ins plans or se ins premiums
I - Ira contr
P - pp rental
D - dpad 9% inc or 50% wages
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6
Q

Tax credits

A

NR - carol ft
Care - child
Adopt-13.4
Retirement - 50% of 2000, 29/59
Old people / disabled can’t work- 15% (ssb+(Agi -5/7.5/10 | l2)
Lifetime learning - 2000/taxpayer * (64 or 128 - magi / 10 or 20)

For tax = ft paid or ust(gov%)

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7
Q

Tax credits refundable

A

Eic

Am - 2500 / student 1-4yr post secondary = 40% refundable MAGI

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8
Q

Tax bond premium

A

Itemized misc unlimited

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9
Q

Theft or loss capital gain property

A

Itemized misc unlimited

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10
Q

Alimony

A

Agi

CASH

UNTIL DEATH

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11
Q

Interest income tax decedent

A

Itemized misc unlimited

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12
Q

Gambling losses

A

Itemized misc unlimited

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13
Q

Impaired or disabled work expenses

A

Itemized misc unlimited

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14
Q

Interest pension unrecovered

A

Itemized misc unlimited

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15
Q

Job exp

A

Itemized 2%

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16
Q

Tax prep and legal alimony

A

Itemized 2%

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17
Q

Investment expenses

A

Itemized 2%

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18
Q

Hobby expenses - loss

A

E lenses up to income or

Loss if >2%

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19
Q

Forwarded losses - sic pac

A 
Section 179
Inv interest exp
Capital losses 
Passive activity losses
Amt - tax liability
charitable cont
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20
Q

Charitable contributions - St and LT

A

St - ab lim 50% Agi

LT - FMV, lim 30% Agi

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21
Q

Cc - CGP related

A

FMV - 30 or 50 % Agi

Farmers 100% Agi

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22
Q

Cc CGP - unrelated

A

Lesser FMV OR AB P, lim 50% Agi

lim 20% or lim 30% - cc50%

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23
Q

Itemized deductions immune to phaseouts

A

Medical expense
Casualty loss
Gambling losses/winnings
Investment interest

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24
Q

Widower responsibilities

A

Full year house and child

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25
Q

Agi limits on itemized deductions

A

Lesser of 3% (AGI - lim) or 80% of certain itemized deductions

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26
Q

Transportation of electrician

A

Deductible from home location - multiple work places - no bus address required

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27
Q

Section 179

A

Depreciation 2014 is 500,000 on up to 2 mil of purchases
2015 is 25,000 on 200,000 in purchases
Reduced $ for $ on overage

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28
Q

Coverdale

A

2k per kid, per year up to age 18 so 16 would be two years

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29
Q

Passive activity allocation

A

-30
-50
20

= 30/80 x 60

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30
Q

Ind real prop depreciation

A

SL 39 yrs

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31
Q

Flexible spending acct rollover options

A

500 carryover or grace per up to 3/15

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32
Q

Sched H

A

Replaces household req for 941 and 940

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33
Q

“Controlled” transaction - tax treatment

A

Is tax deferred bcuz same owner

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34
Q

Flow of Agi to taxable income

A

Agi = wages -Ira -cap loss

TAXABLE INCOME = Agi - SD AND PE (per person)

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35
Q

Futa

A

$1000/qtr of wages on ALL EMPLOYEES

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36
Q

IRA DEDUCTION
Phase out
Withdrawal and rules

A

5500 or 6500 per for 50+
Agi
Phase out 98-108

Wd= current income w 10% penalty and income inclusion

Use for 1st homeowner (2 yrs) and student tuition

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37
Q

Interest on bonds - two type deductible

A 
All taxable except municipal &
US SAVONGS BONDS when: 
one owner
Uses for education
Reduces edu expenses in tax return
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38
Q

Life insurance :
When taxed
When illegal to offer to emp

A

Taxable if purchased for a price not a premium

Cannot offer based on “officer” status

39
Q

Tax treatment of unaccountable exp plan

A

All monies received are income even if money was given back

40
Q

“Eligibility to participate”

A

70% of employees participate or offered?

41
Q

Shared responsibility payment

A

325 /162.5 max 975

42
Q

Personal property loss

A

No loss only gain allowed

43
Q

Debt forgiveness 2014 vs 2015

A

2014 - less the basis

2015 - debt

44
Q

Grants

A

Income

45
Q

Rent income abated for construction

A

Depreciate as nonresidential real property - 39 years SL

46
Q

CHARITY - LT CGP appreciated

A

FMV lim 30AGI OR

AB lim 50AGI

47
Q

Charity - ST CGP

A

FMV OR AB

48
Q

Land

A

Is salvage basis

49
Q

RE GAIN EXCLUSION

A

Must have lived in the home 2/5 yrs

Unless move is for emp or unforeseen CIRC

50
Q

Sect 1244 stock losses

A

Ordinary loss up to 50,000

51
Q

QRI limits

A

Equity loan lim 100,000 on joint return

52
Q

Pension , type of income , agi limits for IRA CONT

A

Those with pension plans at work AND AGI > 118 - no IRA DEDUCTION

€ earned income

53
Q

SSB includable

A

85% includable with TH OF 34,000

54
Q

NOL adj to Agi

A 
B - schedule B
R - retirement SE
A - allimony
I - investment GL
N - NOL prior
D - deductions
55
Q

Sched B

A

Interest and div

56
Q

Rent included

Active deduction calc

A

Pre paid
Lease folds
No deposits
IF ACCRUAL - CHANGES IN REC,VBLES

Deduction of 25000 for active - (Magi - 100k)/2

57
Q

CTC AND CHILD CARE CREDIT AGES

A

CTC is under 17

Care credit is under 13

58
Q

General business credit is for

A

Provide uniform rules to carry forward and backward

59
Q

Tax exempt interest income =

A

Not earned income

60
Q

2 Methods of calculating tax liab

A

Safe harbor: Current yr 90% income / 110% for Agi > 150
Or 100% prior year
Or annualized method

61
Q

Household employees fed with holdings

A

Optional

62
Q

Work opt credit

A

120 hrs - NA FOR 2015

63
Q

If use Coverdale then

A

Reduce tax expenses

64
Q

Keogh

A

Reduces net self emp income

65
Q

Minor income taxes at parents rate

A

Is reduced by 2000 UNEARNED INCOME AND STANDARD DEDUCTION (1050)

66
Q

MAGI add back…

A 
S - both student interest and tuition
T - SE Tax
A - adoption credit 
I - IRA 
R - Rental 
U- US Bonds
P - Passive g/l
67
Q

Partnership income :
Limited partners
Limits of loss

A

Limited = passive UNTIL DISPOSAL

Passive losses - go forward only
Do not apply to S or partnerships

PLosses lim by Basis- at risk

68
Q

Guaranteed payments

A

Deducted from net income then - distribute

69
Q

Tax treatment of a merger

A

Tax deferred

70
Q

Capital asset

A

Investment assets NOT INVENTORY OR DEP PROP

71
Q

Mid quarter depreciation

A
  1. 5
  2. 5
  3. 5
  4. 5
72
Q

AMT IS TAKEN AFTER

A

Tent>regular

73
Q

state tax refun

A

Do not include as income in reg or amt

Regular if sd

74
Q

AMT DEFERRED

A 
MACRS
TAX EXEPMT INT?
7% sb stock
Intangible drilling
%depletion
75
Q

AMT EXCLUSION

A 
M - MACRS
I - investment exp
D - deductions
T - axes
I - interest exempt
E - schedule E passive GL
76
Q

Amt no preference

A

LT cap loss
Tax exempt INT
Ira
Misc itemized deductions

77
Q

Amt deductions

A

Medical over 10%
Charity
Casualty losses
QHMI

78
Q

Itemized taxes

A

State and local - vehicle ad valorem

NOT VEHICLE WEIGHT

79
Q

Hobby treatment

A

Income = Agi

Expenses are limited by 2% Agi

80
Q

Investment income treatment

A

investment expense + investment interest €>investment income

81
Q

Charity

A

Cannot donate services for consideration

82
Q

SE LIFE INS PREM

A

€ deduct

83
Q

NIIT

A

Tax on child income 3.8% on net income inc OR AGI

84
Q

Moving meals

A

No No

85
Q

Casualty loss

A

$100 per event

86
Q

Disabled school

A

Medical expense

87
Q

Personal exemption consideration

A

Includes no taxable income

88
Q

ROTH IRA

A

5 year holding before tax free dist

89
Q

Tax assessments

A

For repairs are deductible

Additions are capital assets

90
Q

Charitable mileage

A

.14/mi

91
Q

Legally blind

A

20/200 or >20 degrees

92
Q

Student interest

A

2500 phaseout …

93
Q

Charity meals

A

Yes yes

94
Q

IRA PHASEOUT

A

183-193 for couples with job pension plan

Reg 2015 (6 decks)

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