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R1&R2 Flashcards

1
Q

Premiums paid by an employer on up to $___________ of coverage are excluded from gross income

A

$50,000

17248#

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2
Q

Parking expenses up to $__________ paid by employer are excluded gross income
Month? Year?

A

$315/month
$3,780/year

17248#

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3
Q

Education expenses up to $__________ paid by employer are excluded gross income

A

$5,250
Undergraduate & Graduate degree

17248#

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4
Q

Alimony taxable or nontaxable 的分界點

A

2018.12.31

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5
Q

Self-employment tax = _________ + __________

A

Social Security (12.4%) + Medicare (2.9%)

Total 15.3%

就是FICA

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6
Q

Gambling/lottery winnings and losses(購買成本) include in _______

A

Winnings: Gross income
Losses: itemization deduction (Schedule A)

@3212

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7
Q

The payment of services rendered to S corporation v.s. Partnership, the amount is reported to

A

S corporation: W-2 as a salary

Partnership: Schedule K-1 as a guaranteed payment

@15833

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8
Q

可以 carry forward 的Deduction：

  1. Individual capital loss
  2. Investment interest expense
  3. Charitable contributions subject to 60% &50% & 30% limit
A

Carry forward

  1. Individual capital loss
    &
  2. Investment interest expense
    Indefinitely

———

  1. Charitable contributions subject to 60% & 50% & 30% limit
    5 years

@2006 +1968 +1930

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9
Q

Medical expenses deduction =

A

Deductible medication expense
➖ AGI floor

AGI floor 🟰 7.5% ✖️ AGI

Itemized deduction

@11782

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10
Q

Deduction of contributions to traditional IRA limits?
Single是
或
MFJ其中一方
有Active participant各自的Phase out range?

*若無active participant 則無phase out

A

每人每年上限 $7,000
50歲以上➕$1,000

Phase out:
MFJ
Active participant :
“是” $123,000 ~$143,000 (2024)
“非” $230,000~$240,000(2024)

Single
$77,000~$87,000

在phase out range
$7,000✖️40%

@17257

——————
Roth 則為 all limits $7,000
50歲以上➕$1,000

Phase out:
MFJ
$230,000~$240,000

Single
$146,000~$161,000

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11
Q

Student loan interest
Deduction of _______?
Up to $_________?

Phase out?
Single & MFJ

A

Deduction of adjustment
Up to $2,500

Phase out
Single:
$80,000~$95,000

MFJ:
$165,000~$195,000

Married 就一定要 MFJ

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12
Q

U.S. Serious EE Savings Bond, tax-exempt conditions:
1. Issued after year ______
2. Taxpayer is over age ____ when issued
3. Reduce by ________
4. Phase out:
Single, H of H & MFJ

A
  1. 1989
  2. 24
  3. Scholarships
  4. Phase out
    Single & H of H
    $96,800~$111,800

MFJ
$145,200~$175,200

Married 一定要 MFJ

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13
Q

Charity contribution
*自然人

A

依FMV入帳 & Up to AGI ✖️

Cash: 60%
Ordinary income property 含STCG : 50%
LTCG: 30%

*STCG 依 lesser of FMV 或 AB (purchased price)
*Ordinary income property 含 personal use asset that depreciation in value

Carry forward 5 years

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14
Q

避免Tax underpayment penalty，要預繳 tax liabilities 多少

A

自然人：
Withheld tax / Estimated tax payments

90%: Current year

100%: Prior year

110%: Taxable income > $150,000

$1,000以下免罰

法人：
100% Current year

$500以下免罰

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15
Q

NII tax 🟰 ____% ✖️ lesser of

A

3.8%
✖️
Lesser of
Net Investment income
or
Excess of MAGI over a threshold

@14735

MAGI
🟰 AGI
➕ Tax-exempt interest
➕ 50% SS Benefits

@1571

Investment income
🟰
股利、利息、資本利得、Passive income from rental real estate (LP)

如果是GP, 是Ordinary income, 而非Passive income

@TBS-2533

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16
Q

De minimis safe harbor 費用化金額上限

A

有 AFS: 每件物品上限$5,000
沒有AFS: 每件物品上限$2,500

超過上限就要 capitalization

也要注意公司的 accounting policy

AFS: Applicable Financial Statement

@12114

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17
Q

Gift 通常以 rollover costs 為 Tax basis，例外狀況（贈與日 FMV 低於 Cost) Tax basis 為

A

售出時
Gain: 成本 (大)

Loss: FMV (小)

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18
Q

Inherited transferred to or died

A

Died

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19
Q

Estate tax return v.s. Estate income tax return

A

For the estate tax return you are taxed on the fmv at date of death of the assets in the estate (Form 706).

For the estate income tax return you are on taxed on the income produced from the assets in the estate (Form 1041).

臉書

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20
Q

Child and dependent care credit
1. 年紀
2. MFJ要雙薪
3. The amount expenditure 為lesser of 三項
4. AGI決定三種%

A
  1. 13 歲以下
  2. 雙薪家庭
  3. The expenditure up to
    Lesser of
    A. 收入較低的配偶
    B. 實際的expense
    C. Maximum expense $3,000 or $6,000
  4. AGI 決定 %
    A. 35% AGI < $15,000
    B. 從35%，AGI每多$2,000就遞減1%到20%
    C. 20% AGI > $43,000

用 3. 的金額✖️4. % 🟰Credit

Disabled spouse 也適用

@15615 & 15616

21
Q

Kiddie tax 🟰

A

Unearned income
➖ Standard deduction $1,300
➖ Additional deduction $1,300

22
Q

Child tax credit
Age____?
$______?
MFJ AGI up to$_________?

A

Under age 17
$2,000 / per kid
MFJ AGI up to $400,000

@15618

23
Q

SEP IRA maximum deduction
Lesser _______ or ________

A

$69,000 or 20% of net self-employment earnings

@17262

24
Q

The deduction for interest expense in investment indebtedness is limited to

A

NII

Net investment income
🟰
Investment income ➖ investment expense

25
Kiddie tax age limit
18歲以下 或 滿18-24歲以下全職學生，且未能自己賺取一半生活費 @15991
26
MACRS 1. Personal property 分為 ____年 or ____年 2. Real property 分為 ___________or ___________ 3. Intangible assets
1. Personal property: 200% depreciation 5年: 汽車、電腦、事務機(Copier) 7年: 傢俱、擺設、Equipment Half-Year convention 半年或季中 若超過40%在最後一季才啟用，則改為 Mid-Quarter convention 2. Real property Straight-Line depreciation Residential: 27.5年 Nonresidential: 39年 Mid-Month convention 月中 3. Intangible assets SL 15年 月初
27
Gain or loss of listed stock 在哪一天認定
Trade date
28
Taxpayer >= 65 歲，additional standard deduction Single $? MFJ $?
Single $1,950 MFJ $1,550/人 $3,100/MFJ @17223
29
如為married 就必須MFJ 才能享有的deduction有：
EE Savings Bond interest @3263
30
Regular income tax is
Marginal rate
31
Penalty of late filing & late payment ____% per month? **以________為penalty的計算基礎
Late filing: 5% per month 一天也算一個月 maximum 25% Late payment: 0.5% per month **以the amount “due” 應繳稅額➖已繳（扣）稅額 @2063
32
A non-business bad debt loss is treated as (借錢給別人)
Short-term capital losses @15832
33
Adjusted basis
Original cost ➖ depreciation @16397
34
Personal used property convert to business used, Gain or Loss 的 Tax basis Gain or Loss 🟰 Adjusted basis (出售日) ➖ Sale price
Tax basis 🟰 Gain: Adjusted basis (出售日) Loss: Lesser of OC or FMV (Conversion 日) ➖ depreciation * Adjusted basis 🟰 OC ➖ depreciation @ 16398 Tax basis 與折舊 basis 可能不同 因： Depreciation basis 是 在 conversion date Lesser of AB or FMV
35
Cousin, friends 一起住滿稅務年，可以是________但不符合 filing status ___________
QR H of H
36
Modified AGI 🟰
MAGI 🟰 AGI ➕ Tax-exempt interest ➕ 50% SS Benefits @1571
37
Section 199A 就是 QBI deduction QBI deduction 用於
QTB Qualified Trade Business SSTB Specified Service Trade Business ✅未超過Threshold QBI deduction 🟰 20% ✖️ OBI ‼️Overall LIMITED to 20% ✖️ (Taxable income before QBI deduction ➖ net capital gain) ✅超過Threshold SSTB 沒有 QBI deduction QTB 取小： ‼️Overall LIMITED 跟下面的取大 Combined QBI deduction 取大： 50% W-2 25% W-2 & 2.5% property
38
Subject to NII Tax
MFJ Investment income 超過 $250,000 超過的部分 ✖️ 3.8%
39
Section 179 1. Applied for TANGIBLE 2. Not Applied for 3. 上限 $_____ , phase-out $______ 4. Deduction is limited to
1. Applied for: Equipment, improvements property for NONresidential Use in trade or business 2. Not applied for: Land, building, improvements for residential 3. $1,220,000 & $3,050,000 4. Taxable income before 179 deduction @TBS-2528
40
Casualty loss Lesser of
AB or FMV declined
41
MACRS Mid-Q 在OC✖️% 後 還要記得✖️
0.5/4 1.5/4 2.5/4 3.5/4
42
Non deductible losses WRaP
Wash sell (dealers in security 排除) Related party and Personal losses
43
Health insurance 的認列 Sole proprietor (Schedule C) 與 Partnership (Form 1065 & K-1)
Sole proprietor 非屬 Schedule C 扣抵項 要列在個人 Adjustment deduction (Scheduled 1 ) Partnership 則同時為 OBI 及 Guaranteed income
44
Proprietorship 的 Tax費用 只限於 State and local business tax, State and local INCOME tax 要認在
Schedule A Itemized deduction
45
S corporation 的 Health insurance 及 Retirement payment如何做
兩者皆為 OBI 的減項 惟持股大於2%的股東，Health insurance 要列為W-2薪資項，費用也可以列為 Adjustment 減項
46
179 deduction 是 separate item, 要列在哪張表？
Schedule E 的減項
47
The only 2 flow-through income are subjected to SE Tax:
⭕️ Sole proprietorship (unincorporated, Scheduled C) and General partner ❌ Limited partner and S corporation @3919
48
Taxable SSB Lesser of 50%
SSB or MAGI➖$25,000或$32,000 MAGI 🟰AGI ➕Tax-exempt ➕50% SSB

REG (4 decks)

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