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My CFP Flashcards > Numbers and Stuff > Flashcards

Numbers and Stuff Flashcards

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CFP® flashcards
1
Q

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

A

2200

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2
Q

Someone who is single with an AGI under this amount can contribute to a Roth IRA with no problem

A

125000

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3
Q

If AUM is under this, register with the state

A

10000000

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4
Q

FSA dependent care limit per year

A

5000 per year per employee

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5
Q

Revenue over this for the past 3 years? Can’t use cash method- must use accrual.

A

26000000

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6
Q

Deduction for gifting cash even without itemizing

A

300 ($600 FOR 2021)

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7
Q

Total amount that can be used form 529 plan to repay education loans

A

10000

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8
Q

The amount someone can take from ANY retirement plan (literally) for adoption expenses per yes and not incur 10% penalty

A

5000

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9
Q

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

A

100000-150000

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10
Q

The maximum contribution match under a SIMPLE by the employer is $13,500

A

13500

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11
Q

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

A

3000

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12
Q

If AUM is over this, register with the SEC

A

11000000

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13
Q

Annual amount that can be taken without penalty from 529 for K-12 expenses

A

10000

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14
Q

The limit for a deductible section 179 expense (also limited to corporation’s taxable income though) - Only 1245 property

A

1050000

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15
Q

Amount of 1244 loss (single filers) that can be deducted (3K carry forward)

A

50000

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16
Q

Mortgage interest deductible on new home loans up to this amount

A

750000

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17
Q

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)

A

2000

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18
Q

FHA mortgage maximum amount (for low and middle income families)

A

270000-730000

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19
Q

Amount to add to earned income by a child. Compared this to standard deduction to decide which to use.

A

350

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20
Q

Amount of 1244 loss (MFJ) that can be deducted (3K carry forward)

A

100000

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21
Q

The max amount an employee can contribute to a SIMPLE

A

13500

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22
Q

Amount of “Active Loss” that can be taken on managing a real estate property. For active participation real estate losses.

A

25000

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23
Q

FDIC coverage per account, per bank

Also the amount that each beneficiary on a trust account is protected up to

A

250000

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24
Q

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)

A

164000

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25
Q

No SEP contribution for employee that makes less than this during a calendar year

A

650

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26
Q

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

A

198000

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27
Q

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

A

208000

28
Q

Standard deduction of unearned income for kiddie tax calculation

Also the amount then subject to 10% tax

A

1100

29
Q

The amount of educational expense support provided by an employer that can be excluded from income

A

5250

30
Q

If MFJ, social security becomes 85% taxable if MAGI exceeds this amount

A

44000

31
Q

The amount the individuals can contribute to an ABLE account annually

A

15000

32
Q

Compensation over this = highly compensated employee (if not over 5% owner)

A

130000

33
Q

Max contribution for 457 plans

A

19000

34
Q

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)

A

1000

35
Q

(Pretty sure)- Cap on Roth and Traditional IRA (not rollover) for bankruptcy

Mortgage interest deductible on OLD home loans up to this amount

A

1000000

36
Q

Max compensation for ALL types of qualified plans

A

290000

37
Q

The amount of money (AGI-upper limit) someone filing single may have to contribute to a Roth IRA if they are single.

A

140000

38
Q

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

A

5000

39
Q

For CH7 bankruptcy: Excluded if 60 month monthly income is over ____

A

10000

40
Q

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.

A

100000

41
Q

Amount that someone can take from an IRA (IRA, SEP, SIMPLE, ROTH) for a qualifying first time home purchase and not incur 10% penalty

A

10000

42
Q

Total medical expense that can be covered under a healthcare FSA

A

2750

43
Q

A key employee may not exclude the cost of the first $______ of group life term coverage. They’ll be taxed on this.

A

50000

44
Q

Amount of a family limited partnership that can be gifted away annually per beneficiary (using a 50% discount) - regular $15,000 without discount

A

30000

  • With discount and SPLIT GIFT = $60,000 per year per bene
45
Q

Amount of short term + long term cap gains deduction that can be carried forward to following year

A

3000

46
Q

Annual school teacher expense deductible per year (same category as IRA contr)- Schedule 1

A

250

47
Q

Maximum of $_____is allowed for dependent care FSA- this is separate and in addition to the $2750 allowed for the regular health fsa

A

5000

48
Q

Lifetime learning credit max amount

A

$2,000 dollars

49
Q

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 $_____).

A

8k, 16k

50
Q

DB/DC salary cap

A

290,000

51
Q

Simple IRA salary cap

A

450,000

52
Q

DC max contribution = _____. _____ if 50+

A

58,000

64,500 if 50+

53
Q

USUALLY- For a PAP, what are the limits of LIABILITY (A) and what are they for?

A

$100,000 per person
$300,000 per occurence
$50,000 property damage

54
Q

USUALLY- For a PAP, what are the limits of MEDICAL PAYMENTS (B) and what are they for?

A

$5,000 per person

$15,000 per occurence

55
Q

USUALLY- For a PAP, what are the limits of UNINSURED MOTORIST (C) and what are they for?

A

$100,000 per person

$300,000 per occurence

56
Q

USUALLY- For a PAP, what are the deductibles for section D (damage to your auto)? collision loss and other than collision loss

A

$500 each

57
Q

Unemployment compensation above how much is is taxable?

A

2400

58
Q

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?

A

Yes- but it’s limited to interest on a $50,000 loan on each policy

59
Q

How much is the AOTC refundable up to?

A

1,000

60
Q

How much is the Child Tax Credit refundable up to?

A

1400 (could be)

61
Q

What is the amount of the earned income credit?

A

6728 (refundable)

62
Q

What is the penalty for a frivolous return?

A

5000

63
Q

What’s the max amount someone can give to a public charity and deduct in one year for income tax?

A

60%

64
Q

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.

A

$1 – $2 — $18,960

$1 – $3 —- $50,520

65
Q

50% ss taxation at incomes of what level

A

$25k (single)

$34k (married)

66
Q

85% ss taxation at incomes of what level

A

$34k (single)

$44k (married)

67
Q

max contribution for MPP annually an employee can receive

A

lesser of 100% of salary or $58,000

My CFP Flashcards (21 decks)

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