Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

Enrolled Agent > Unit 8 > Flashcards

Unit 8 Flashcards

1
Q

MAX FTC

A

US income x (Foreign income/WW income)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

FTC is claimed on ..

A

Form 1116 unless all passive income <300$

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Can FTC excess be carried

A

Yes back 1 year and forward 10

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Child/Dependent Care Credit LIMIT

A

Expenses cannot exceed earned income. If married smaller of two, if one is in school 250$ a month is income. Limited to 3k or 6k for 2.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Child and dependent care credit amount

A

35% of expenses . Reduced by 1% for evert 2k where AGI exceeds 15k. Over 43k = 20% Form 2441

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

2 Education Credits

A

AOC: Partially refundable and LLC . Not refundable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

AOC max

A

$2500. 100% of first 2000 and 25% of next 2000. ONly used 4 times

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

AOC Phase out

A

phase out 80-90k. MFS cannot claim. $2,500 x 90k-MAGI/10k

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

AOC Refundable?

A

yes up to 40%

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

LLC max

A

20% expenses up to 2000$ (10k expenses)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

LLC Phaseout

A

59-69k Single.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Child Tax Credit

A

increased from 1k to 2k for 2018-2024 but not refundable.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Additional Child Tax Credit refundable?

A

Refundable for people who get less than full amount of CTC. refund up to 15% of earned income in excess of 2500$

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

MAX Add Child Tax Credit

A

1400$ on schedule 8812

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

CHild Tax credit qualifying child must

A

under 17, desecendent of any fam, not provide half support, dependent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Child Tax Credit Phase out

A

Phase when reach 400k MFJ (200k). Reduced by 50$ for each 1k exceeding threshold.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Credit for Other Dependent is

A

500$ nonrefundable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Retirement Savings Contribution Credit is also called..

A

SAVERS CREDIT

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Retirement savings con credit rules

A

must be 18 not dependent Not full time student

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Retirement Saving Con Credit Amount

A

50% 20% 10% of plan or ira contribution. up to 2k. 50% = <19.5k
20% = <21.25 k
10% = <32.5 k

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Credit for Elderly/Disabled age

A

65

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Credit Elderly and Disabled amount

A

15% x initial base amount
Single 5k
MFJ 7.5k
MFS 3.75k

Base is reduced by:
Tax Exempt SS
Pension/annuity benefits
1/2 AGI excess over 7.5k (10kMFJ)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Credit Elderly Disabled Base reductions

A

Base is reduced by:
Tax Exempt SS
Pension/annuity benefits
1/2 AGI excess over 7.5k (10kMFJ)

15% x initial base amount
Single 5k
MFJ 7.5k
MFS 3.75k

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Cannot claim elderly credit is AGI > then…

A

SINGLE 17.5k
MFJ (one)20k
MFJ(two) 25k
MFS 12.5k

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Cannot claim elderly crdit is nontaxable SS/pension annuity/Disability income is > then...
Single 5k MFJ 1 5k MFJ 2 7.5k MFS 3.75k
26
Adoption credit refundable?
NO
27
Adoption credit max credit
14.3 k per child.
28
Adoption Credit Phase Out
MAGI >214,520. Elimianted at 254,520
29
Adoption credit Amount Calcualtion
= 14,300 x [ MAGI - (214,520 / 40k) ]
30
Can Adoption Credit to carried
Yes forward 5 years not subject to phaseout
31
Residential Mortgage Interest Credit
for first principle residence, interest on home is base. Rate is between 10-50% if >20% limit is 2k . Carrried forward 3 years
32
Minimum Tax Credit
Allowed for AMT paid in year against reg tax laibility in one or more prior years. NONREFUNDABLE
33
Minimum Tax Credit AMount
``` AMT that would have been computed is only adj made to taxable income were those for tax favored items that result in deferral as opposed to exclusion. - Standard Deduction Tax Excemt Interest on bonds -Depletion -Taxes ```
34
MTC Allowed
limited to current year gross regular tax minus current year tentative minum tax
35
MTC ALlowed
Gross Reg Tax - Credits - Tentative Min Tax = MTC Max ALlowed
36
MTC gross reg tax is reduced by..
Refundable credits foreign tax general business credit
37
MTC carried ?
Forward indefinetly
38
Earned Income Credit Disqualified income > what to not claim
3,650$ , interest, dividends, gains, nonbusiness rents, royalties'.
39
EIC 0 Qualifying CHildren Max
7,030$AGI , 538$
40
EIC 1 QC
10,540$ AGI , $3,585
41
EIC 2 QC | EIC 3 QC
14. 8k AGI, $5,920 | 14. 8 AGI, $6,660
42
EIC PHASE OUTS
0 QC 7.65% <15.82k 1QC 15.98% <41.75k 2QC 21.06% <47.44k 3QC 21.06% <50.9k
43
Sec 6695 Penalty for non due diligence for EIC
$540
44
Records kept for EIC info
3 years
45
Residential Energy Credits amount
26% of cost of qualified property including solar, wind
46
Nonbusiness energy property credti amount
10% INsulation exterior doors, windows skylights
47
Fixed Limited Property for residential energy credit amounts and items
enerfy efficient building property 300$ Natural gas, hot water boiler, propane $150 Air ciruclar 50$
48
Premium Tax Credit
Taxpayers who obtain health insurance thru marketplace. REFUNDABLE
49
Premium Tax Credit poverty line amounts
4x poverty line
50
Premium Tax Credit cost of insurance is capped at what %
9.78% of income
51
Premium Tax Credit Eligability
``` Thru Marketplace No coverage thru employer/fed plan Income limits NOT MFS NOT a dependent ```
52
Form 1095 A
Marketplace - only one has to wait to receive to file.
53
Form 1095 B
Health Provider
54
Form 1095C
Employer
55
Health Coverage Tax Credit
HCTC refundable , pays 72.5 qualified premiums unill 2021. Cannot take PTC. Can't be Dependent
56
Estimated Tax Payments Dates
April June Sept Jan (adj weekend/holidaty)
57
Estimated Tax Payment amounts
25% of the least of - 100% last year taxes 90% current year tax 90% annualized current year tax
58
Estimated Tax Payment Safe Harbor RUle
if if 2019 AGi > 150k must apply rulwe = lesser of 110% tax of 2019 or 90% of 2020
59
Estimated Tax Payment Farmers/FIsh
can make in 1 installemnt is 2/3 of income.
60
Exemption from withholding on w4
refunded all prior year not a dependent and <12.4k Dependent less than 1.1k dependent less 350$ unearned income
61
Excess SS credit
firs 137.7k taxed 6.2% Refund excess amount by other employer.
62
Claim to refund form
Form 911

Enrolled Agent (10 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions