REG 2 Flashcards
Educator Expenses?
$250/person- adjustment
IRA adjustment?
$5500/ person (traditional+roth+nondeductible)
IRA credit?
18 years old, not a student, not a dependent.
credit range from 0-1000 need really low income to qualify- <30,000/60,000
2014 education related adjustments (above the line)?
Educator expense- 250/person
Student loan interest-0 to 2500 /person (phaseout 65k-80k)
Tuition and fee deduction (0-4000)– 65k-80k AGI phase out for higher education expense
Coverdell education savings account, deductability? requirments? limit?
After tax contribution: 2000/beneficiary <18 -earnings accumulate tax-free (phase out:95k-110k for single)
tuition,room, board, supplies all qualify
must distribute after 30 yrs old -10% penalty (avoided by rolling over to another family member)
catch-up ira?
> 50 yrs old-1000 extra
Traditional IRA deduction phase out?
Must be Rich (60,000s/ 96000j) AND Active in another qualified plan- totally phased out for both people at $191000
HSA deductability?
Adjustment- 3300s/6550family + 1000 cath-up for>55 yrs old
No medicare allowed
How is Keogh Plan contributions deducted?
Adjustment above the line.
lesser of 52,000 or 25% net se earnings (after keogh, se tax deduction)
Standard deduction for elderly or blind?
6200 regular+ 1200 to 2400 extra for married per person and 1550 to 3100 for single
Standard deduction for dependent of another?
Yes. GREATER of 1000 or earned income+350
Itemized deduction phase out?
Starts when AGI>305050 j/254200 s
reduce 3% of excess AGI
What interest expenses are itemized deduction?
Mortgage interest-limit 1,000,000/100,000
Investment interest- limit to investment income (carry forward forever)
Charitable deduction for indi, and for corp?
Individual-itemized 50%AGI total limit, 30% for FMV property (long term capital gain property)
Corp-10% AGI limit
Charitable contribution carryover?
5 year forward.
same for individual and corp
Which items are 2% AGI test intemized deductions?
Unreimbursed Business Expenses for employee.
educational expense (employment related, not including unused student loan interest)
Other employment related misc.
Business gift deduction limit?
$25/person/year
Child and dependent care credit?
20-35% of 3000 (1 child) or 6000 (>1 child)
Credit for elderly (65) and/or Permanently Disabled?
15% * (5000 or 3750 - SS income and other nontaxable - 1/2 (AGI - 7500 or 5000))
so, max is 750
No refund
Lifetime learning credit?
20% of qualified expenses up to $10,000. so max is 2000. phase-out from 54k-64k
american Opportunity Credit?
40% refundable
phase out (80k-90k for single)
limit-100% of first 2k+25% of next 2k/ student
first 4 years of college
adoption credit?
13,190/child
phase out-197,880-237,880
general business credit?
for a group of qualified expenditures
100% of first 25k tax liability +75% of the rest
Refundable credits?
Child tax credit-limited
EIC
American opportunity-40%
AMT exemption amount?
S-52800-25% excess AMTI
MFJ-82100- 25% excess AMTI
Statute of limitation on assesments by IRS?
3 years of the later of due date or date filed.
6 years, if >25% understatement of GI
Forever if fraud or false return.
Statude of limitation on refunds by taxpayer?
Refund claim- the later of 3 years of due date or file date and 2 years of date paid tax.
Bad debt or worthless security- 7 years from the later of due date or file date
ESTIMATED TAX payment requirments for individuals?
No penalty if tax owed less than 1000;
withhold 90% of current year or 100% of last year (110% if TI was > 150k)
