This module, which contains questions and answers regarding CFP Income Tax Planning topics covered in the CFP exam. Get the CFP exam preparation you need.
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These flashcards will cover these topics:
A. Gross Income – Inclusions and Exclusions - Gross income, earned income, business income, self-employment tax, other income, portfolio income, passive income, social security benefits, alimony, prizes and awards, gambling winnings and losses, annuities, specific exclusions, employer-paid fringe benefits, interest and dividends.
B. Deductions to Arrive at AGI – Student loans, medical savings accounts, moving expenses, self-employment taxes, health insurance premiums, business expenses, early withdrawal penalties, alimony payments, rent and royalty expenses.
C. Deductions from AGI – Itemized deductions, standard deduction, medical and dental, qualified residence interest, points, investment interest, non-deductible interest, deductible and non-deductible taxes, charitable contributions, casualty losses, miscellaneous itemized deductions, marriage penalty.
D. Filing Status and Exemptions – Personal exemption, dependency exemption, phase-outs, multiple support agreements, single, married filing jointly, married filing separately, head of household, qualifying widower.
E. Tax Computations, Credits and Penalties – HOPE Scholarship Credit, Lifetime Learning Credit, phase-outs, Section 529 Plans, Education IRAs, child tax credit, dependent care credit, earned income credit, tax credit for elderly or disabled, foreign tax credit, adoption expense credit, excess social security tax, tax rates, statute of limitations, refund claims, underpayment of tax penalty, AMT, adjustments and preference items.
F. IRAs and Retirement Plans - Traditional IRAs, ROTH IRAs, Education IRAS, SEP Plans, SIMPLE Plans, Qualified Plans. |
