Numbers and Stuff

Question 1

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

Answer 1

2200

Question 2

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

Answer 2

125000

Question 3

If AUM is under this, register with the state

Answer 3

10000000

Question 4

FSA dependent care limit per year

Answer 4

5000 per year per employee

Question 5

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

Answer 5

26000000

Question 6

Deduction for gifting cash even without itemizing

Answer 6

300 ($600 FOR 2021)

Question 7

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

Answer 7

10000

Question 8

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

Answer 8

5000

Question 9

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

Answer 9

100000-150000

Question 10

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

Answer 10

13500

Question 11

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

Answer 11

3000

Question 12

If AUM is over this, register with the SEC

Answer 12

11000000

Question 13

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

Answer 13

10000

Question 14

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

Answer 14

1050000

Question 15

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

Answer 15

50000

Question 16

Mortgage interest deductible on new home loans up to this amount

Answer 16

750000

Question 17

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)

Answer 17

2000

Question 18

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

Answer 18

270000-730000

Question 19

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

Answer 19

350

Question 20

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

Answer 20

100000

Question 21

The max amount an employee can contribute to a SIMPLE

Answer 21

13500

Question 22

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

Answer 22

25000

Question 23

FDIC coverage per account, per bank

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

Answer 23

250000

Question 24

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)

Answer 24

164000

Question 25

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

Answer 25

650

Question 26

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

Answer 26

198000

Question 27

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

Answer 27

208000

Question 28

Standard deduction of unearned income for kiddie tax calculation Also the amount then subject to 10% tax

Answer 28

1100

Question 29

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

Answer 29

5250

Question 30

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

Answer 30

44000

Question 31

The amount the individuals can contribute to an ABLE account annually

Answer 31

15000

Question 32

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

Answer 32

130000

Question 33

Max contribution for 457 plans

Answer 33

19000

Question 34

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)

Answer 34

1000

Question 35

(Pretty sure)- Cap on Roth and Traditional IRA (not rollover) for bankruptcy Mortgage interest deductible on OLD home loans up to this amount

Answer 35

1000000

Question 36

Max compensation for ALL types of qualified plans

Answer 36

290000

Question 37

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

Answer 37

140000

Question 38

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

Answer 38

5000

Question 39

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

Answer 39

10000

Question 40

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.

Answer 40

100000

Question 41

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

Answer 41

10000

Question 42

Total medical expense that can be covered under a healthcare FSA

Answer 42

2750

Question 43

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

Answer 43

50000

Question 44

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

Answer 44

30000 - With discount and SPLIT GIFT = $60,000 per year per bene

Question 45

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

Answer 45

3000

Question 46

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

Answer 46

250

Question 47

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

Answer 47

5000

Question 48

Lifetime learning credit max amount

Answer 48

$2,000 dollars

Question 49

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 $_____).

Answer 49

8k, 16k

Question 50

DB/DC salary cap

Answer 50

290,000

Question 51

Simple IRA salary cap

Answer 51

450,000

Question 52

DC max contribution = _____. _____ if 50+

Answer 52

58,000 | 64,500 if 50+

Question 53

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

Answer 53

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

Question 54

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

Answer 54

$5,000 per person | $15,000 per occurence

Question 55

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

Answer 55

$100,000 per person | $300,000 per occurence

Question 56

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

Answer 56

$500 each

Question 57

Unemployment compensation above how much is is taxable?

Answer 57

2400

Question 58

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?

Answer 58

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

Question 59

How much is the AOTC refundable up to?

Answer 59

1,000

Question 60

How much is the Child Tax Credit refundable up to?

Answer 60

1400 (could be)

Question 61

What is the amount of the earned income credit?

Answer 61

6728 (refundable)

Question 62

What is the penalty for a frivolous return?

Answer 62

5000

Question 63

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

Answer 63

60%

Question 64

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.

Answer 64

$1 -- $2 --- $18,960 | $1 -- $3 ---- $50,520

Question 65

50% ss taxation at incomes of what level

Answer 65

$25k (single) | $34k (married)

Question 66

85% ss taxation at incomes of what level

Answer 66

$34k (single) | $44k (married)

Question 67

max contribution for MPP annually an employee can receive

Answer 67

lesser of 100% of salary or $58,000