Numbers and Stuff Flashcards
If unearned income of a child under 19 (or under 24 if full time student + claimed as dependent) is over this amount (?) (confirm) use the parent’s tax rate in kiddie tax calculation
2200
Someone who is single with an AGI under this amount can contribute to a Roth IRA with no problem
125000
If AUM is under this, register with the state
10000000
FSA dependent care limit per year
5000 per year per employee
Revenue over this for the past 3 years? Can’t use cash method- must use accrual.
26000000
Deduction for gifting cash even without itemizing
300 ($600 FOR 2021)
Total amount that can be used form 529 plan to repay education loans
10000
The amount someone can take from ANY retirement plan (literally) for adoption expenses per yes and not incur 10% penalty
5000
Active income phaseout so that losses generated by buildings (up to $25,000) are deductible
if the person also owns at least 10% of the value of the real estate and actively participates
100000-150000
The maximum contribution match under a SIMPLE by the employer is $13,500
13500
Max amount of capital loss that can be used to offset ordinary income per year
SIMPLE IRA/SIMPLE 401K catch up provision amount
403Bs- employees who have been with the same same employer for 15+ years of service can contribute an additional $3,000 to 403B if certain requirements are met - THIS IS IN ADDITION TO THE $6,500 CATCH UP IF THEY ARE OVER 50
3000
If AUM is over this, register with the SEC
11000000
Annual amount that can be taken without penalty from 529 for K-12 expenses
10000
The limit for a deductible section 179 expense (also limited to corporation’s taxable income though) - Only 1245 property
1050000
Amount of 1244 loss (single filers) that can be deducted (3K carry forward)
50000
Mortgage interest deductible on new home loans up to this amount
750000
Child tax cred amount per child (stops at age 17)
Coverdell ESA limit (total aggregate amount that can be added to a beneficiary’s account in a single year)
2000
FHA mortgage maximum amount (for low and middle income families)
270000-730000
Amount to add to earned income by a child. Compared this to standard deduction to decide which to use.
350
Amount of 1244 loss (MFJ) that can be deducted (3K carry forward)
100000
The max amount an employee can contribute to a SIMPLE
13500
Amount of “Active Loss” that can be taken on managing a real estate property. For active participation real estate losses.
25000
FDIC coverage per account, per bank
Also the amount that each beneficiary on a trust account is protected up to
250000
All corps that are not C corps (basically CONDUITS) qualify for QBI deduction- up to $______ threshold for SINGLE (QBI taken after AGI is calculated- only service related business qualify)
164000
No SEP contribution for employee that makes less than this during a calendar year
650
The amount of combined AGI someone filing jointly may have between the two of them to contribute to a Roth IRA without any phaseout limitations
198000
The amount of combined AGI (upper limit) someone filing jointly may have between the two of them to contribute to a Roth IRA- phaseouts do apply here thought
208000
Standard deduction of unearned income for kiddie tax calculation
Also the amount then subject to 10% tax
1100
The amount of educational expense support provided by an employer that can be excluded from income
5250
If MFJ, social security becomes 85% taxable if MAGI exceeds this amount
44000
The amount the individuals can contribute to an ABLE account annually
15000
Compensation over this = highly compensated employee (if not over 5% owner)
130000
Max contribution for 457 plans
19000
Over $_____in income from MLP triggers UBTI
This is also true for qualified plans which makes the UBTI subject to income tax in the current year
Most HO-6 insurance policies have a $_____payment for loss assessment (also under coverage A)
1000
(Pretty sure)- Cap on Roth and Traditional IRA (not rollover) for bankruptcy
Mortgage interest deductible on OLD home loans up to this amount
1000000
Max compensation for ALL types of qualified plans
290000
The amount of money (AGI-upper limit) someone filing single may have to contribute to a Roth IRA if they are single.
140000
The amount of dependent care assistance provided by an employer that can be excluded from gross income (MFJ -$2,500 is separate) if dependent is under age 13
5000
For CH7 bankruptcy: Excluded if 60 month monthly income is over ____
10000
Only the first $______ worth of ISOs granted to any employee that vest in one calendar year is entitled to favorable ISO treatment
Basically, when more than $______ worth of ISOs are vested in the same calendar year, only the first $______ will be treated as ISOs and the balance of options that are vested in the same year will be treated as NSOs, regardless of when they are exercised.
100000
Amount that someone can take from an IRA (IRA, SEP, SIMPLE, ROTH) for a qualifying first time home purchase and not incur 10% penalty
10000
Total medical expense that can be covered under a healthcare FSA
2750
A key employee may not exclude the cost of the first $______ of group life term coverage. They’ll be taxed on this.
50000
Amount of a family limited partnership that can be gifted away annually per beneficiary (using a 50% discount) - regular $15,000 without discount
30000
- With discount and SPLIT GIFT = $60,000 per year per bene
Amount of short term + long term cap gains deduction that can be carried forward to following year
3000
Annual school teacher expense deductible per year (same category as IRA contr)- Schedule 1
250
Maximum of $_____is allowed for dependent care FSA- this is separate and in addition to the $2750 allowed for the regular health fsa
5000
Lifetime learning credit max amount
$2,000 dollars
For 2021, the Child and Dependent Care Credit allows a tax credit for 50% of childcare expenses up to a credit of $______ per child (max $_____).
8k, 16k
DB/DC salary cap
290,000
Simple IRA salary cap
450,000
DC max contribution = _____. _____ if 50+
58,000
64,500 if 50+
USUALLY- For a PAP, what are the limits of LIABILITY (A) and what are they for?
$100,000 per person
$300,000 per occurence
$50,000 property damage
USUALLY- For a PAP, what are the limits of MEDICAL PAYMENTS (B) and what are they for?
$5,000 per person
$15,000 per occurence
USUALLY- For a PAP, what are the limits of UNINSURED MOTORIST (C) and what are they for?
$100,000 per person
$300,000 per occurence
USUALLY- For a PAP, what are the deductibles for section D (damage to your auto)? collision loss and other than collision loss
$500 each
Unemployment compensation above how much is is taxable?
2400
If a company has a key life policy on its employees and wants to borrow from the policy cash value, can the company deduct the interest on that loan?
Yes- but it’s limited to interest on a $50,000 loan on each policy
How much is the AOTC refundable up to?
1,000
How much is the Child Tax Credit refundable up to?
1400 (could be)
What is the amount of the earned income credit?
6728 (refundable)
What is the penalty for a frivolous return?
5000
What’s the max amount someone can give to a public charity and deduct in one year for income tax?
60%
Regarding early SS penalties while working, if you are younger than FRA during all of 2021, the gov must deduct $__ for your bene for every $__ you earn above _____. If the reach FRA during 2021 the gov will deduct $___ from your benefits for each $___ you earn above ______ until the month you reach FRA.
$1 – $2 — $18,960
$1 – $3 —- $50,520
50% ss taxation at incomes of what level
$25k (single)
$34k (married)
85% ss taxation at incomes of what level
$34k (single)
$44k (married)
max contribution for MPP annually an employee can receive
lesser of 100% of salary or $58,000
