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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
Agi limits on itemized deductions
Lesser of 3% (AGI - lim) or 80% of certain itemized deductions
26
Transportation of electrician
Deductible from home location - multiple work places - no bus address required
27
Section 179
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
28
Coverdale
2k per kid, per year up to age 18 so 16 would be two years
29
Passive activity allocation
-30 -50 20 = 30/80 x 60
30
Ind real prop depreciation
SL 39 yrs
31
Flexible spending acct rollover options
500 carryover or grace per up to 3/15
32
Sched H
Replaces household req for 941 and 940
33
"Controlled" transaction - tax treatment
Is tax deferred bcuz same owner
34
Flow of Agi to taxable income
Agi = wages -Ira -cap loss | TAXABLE INCOME = Agi - SD AND PE (per person)
35
Futa
$1000/qtr of wages on ALL EMPLOYEES
36
IRA DEDUCTION Phase out Withdrawal and rules
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
37
Interest on bonds - two type deductible
``` All taxable except municipal & US SAVONGS BONDS when: one owner Uses for education Reduces edu expenses in tax return ```
38
Life insurance : When taxed When illegal to offer to emp
Taxable if purchased for a price not a premium Cannot offer based on "officer" status
39
Tax treatment of unaccountable exp plan
All monies received are income even if money was given back
40
"Eligibility to participate"
70% of employees participate or offered?
41
Shared responsibility payment
325 /162.5 max 975
42
Personal property loss
No loss only gain allowed
43
Debt forgiveness 2014 vs 2015
2014 - less the basis | 2015 - debt
44
Grants
Income
45
Rent income abated for construction
Depreciate as nonresidential real property - 39 years SL
46
CHARITY - LT CGP appreciated
FMV lim 30AGI OR | AB lim 50AGI
47
Charity - ST CGP
FMV OR AB
48
Land
Is salvage basis
49
RE GAIN EXCLUSION
Must have lived in the home 2/5 yrs | Unless move is for emp or unforeseen CIRC
50
Sect 1244 stock losses
Ordinary loss up to 50,000
51
QRI limits
Equity loan lim 100,000 on joint return
52
Pension , type of income , agi limits for IRA CONT
Those with pension plans at work AND AGI > 118 - no IRA DEDUCTION € earned income
53
SSB includable
85% includable with TH OF 34,000
54
NOL adj to Agi
``` B - schedule B R - retirement SE A - allimony I - investment GL N - NOL prior D - deductions ```
55
Sched B
Interest and div
56
Rent included | Active deduction calc
Pre paid Lease folds No deposits IF ACCRUAL - CHANGES IN REC,VBLES Deduction of 25000 for active - (Magi - 100k)/2
57
CTC AND CHILD CARE CREDIT AGES
CTC is under 17 | Care credit is under 13
58
General business credit is for
Provide uniform rules to carry forward and backward
59
Tax exempt interest income =
Not earned income
60
2 Methods of calculating tax liab
Safe harbor: Current yr 90% income / 110% for Agi > 150 Or 100% prior year Or annualized method
61
Household employees fed with holdings
Optional
62
Work opt credit
120 hrs - NA FOR 2015
63
If use Coverdale then
Reduce tax expenses
64
Keogh
Reduces net self emp income
65
Minor income taxes at parents rate
Is reduced by 2000 UNEARNED INCOME AND STANDARD DEDUCTION (1050)
66
MAGI add back...
``` S - both student interest and tuition T - SE Tax A - adoption credit I - IRA R - Rental U- US Bonds P - Passive g/l ```
67
Partnership income : Limited partners Limits of loss
Limited = passive UNTIL DISPOSAL Passive losses - go forward only Do not apply to S or partnerships PLosses lim by Basis- at risk
68
Guaranteed payments
Deducted from net income then - distribute
69
Tax treatment of a merger
Tax deferred
70
Capital asset
Investment assets NOT INVENTORY OR DEP PROP
71
Mid quarter depreciation
12. 5 37. 5 62. 5 87. 5
72
AMT IS TAKEN AFTER
Tent>regular
73
state tax refun
Do not include as income in reg or amt | Regular if sd
74
AMT DEFERRED
``` MACRS TAX EXEPMT INT? 7% sb stock Intangible drilling %depletion ```
75
AMT EXCLUSION
``` M - MACRS I - investment exp D - deductions T - axes I - interest exempt E - schedule E passive GL ```
76
Amt no preference
LT cap loss Tax exempt INT Ira Misc itemized deductions
77
Amt deductions
Medical over 10% Charity Casualty losses QHMI
78
Itemized taxes
State and local - vehicle ad valorem | NOT VEHICLE WEIGHT
79
Hobby treatment
Income = Agi | Expenses are limited by 2% Agi
80
Investment income treatment
investment expense + investment interest €>investment income
81
Charity
Cannot donate services for consideration
82
SE LIFE INS PREM
€ deduct
83
NIIT
Tax on child income 3.8% on net income inc OR AGI
84
Moving meals
No No
85
Casualty loss
$100 per event
86
Disabled school
Medical expense
87
Personal exemption consideration
Includes no taxable income
88
ROTH IRA
5 year holding before tax free dist
89
Tax assessments
For repairs are deductible | Additions are capital assets
90
Charitable mileage
.14/mi
91
Legally blind
20/200 or >20 degrees
92
Student interest
2500 phaseout ...
93
Charity meals
Yes yes
94
IRA PHASEOUT
183-193 for couples with job pension plan

Reg 2015 (6 decks)

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