This module, which contains questions and answers regarding enrolled agent topics covered in the EA exam. Get the EA 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. Types and Basis of Assets – acquired by purchase, personal use converted to income producing use, acquired by gift, acquired by a decedent, acquired in taxable/tax-free exchange, acquired from spouse, capital asset vs. Section 1231 property, personal property, investment property, ordinary business assets, capital gains and losses, holding periods, Section 1245 property, Section 1250 property, depreciation recapture, alternative minimum tax.
G. Estates, Trusts and Gifts – simple trust, complex trust, grantor trust, gross income, deductions, credits, distributable net income, taxation of beneficiaries, estate tax, gift tax, GSTT, requirements for gifts, gift tax exclusion limit, present vs. future interest, unlimited marital deduction, qualified terminable interest property, basis of gift property, federal estate tax, valuation of estate assets, reconciliation of gross estate to taxable estate, tenancy in common, joint tenancy, life insurance proceeds, calculation of GSTT.
H. IRAs and Retirement Plans – contribution limits, requirements for deduction, Traditional IRAs, ROTH IRAs, Education IRAS, SEP Plans, SIMPLE Plans, Qualified Plans. |
