BECKER CPA REGULATION
R1 COMPREHENSIVE
QUESTIONS (FREQUENTLY
TESTED) WITH VERIFIED
ANSWERS GRADED A+
[Document subtitle]
[DATE]
[COMPANY NAME]
[Company address]
, Contact for further consultation
1. M1-Individual taxation formula(1040) Answer: Gross Income
<Adjustments>
Adjusted Gross Income
<Standard Deduction OR Itemized Deductions>
<Exemptions>
Taxable Income B4 QBI Deduction
<QBI Deduction>up to 20 percent for only Pass thru entities
TAXABLE INCOME
Federal Inc Tax(regular or alternative minimum tax)
<Tax Credits>
Other Taxes(soc sec/self employment)
<Payments>
Tax Due OR Refund
2. Gross Income Items
Answer: wages interest inc
dividends
state tax refunds
alimony received(cannot include if divorced after 12/31/18)
business income
capital
gain/loss IRA
income
pension/annuit
y rental
income/loss
k-1
income/loss(partnership/llc)
, Contact for further consultation
unemployment
compensation social
security benefits
other income
, Contact for further consultation
3. Adjustment items Answer:
Educator expenses IRA
Student loan interest
expenses tuition and fee
deduction health savings
account
moving expenses(Only Military
moving) one half self employment
FICA
Self-employed health
insurance self-employed
retirement interest
withdrawal penalty
alimony Paid(cannot deduct if divorced after 12/31/18
4. Itemized deduction items (I.D) Answer: Medical (in
excess of 7.5% of AGI) taxes - state/local (income, sales & property
up to $1000)
interest expense (home and
investment) charity (up to 60% of
AGI)
casualty/theft attributable to federal disaster (in excess of 10% of AGI)
**You can opt for Std Deduction( form 1040EZ) instead of I.D
5. Who must file? Answer: General Rule Answer:
Income is equal to or greater than Answer:
-the regular standard deduction (except for married filing separately), plus
-the additional standard deduction for taxpayers 65+ or blind (except for married filing separately)
Exceptions Answer:
-individuals with net earnings from self employment are $400 or more
-individuals who can be claimed as dependents with Answer: unearned income of more than $1050,
R1 COMPREHENSIVE
QUESTIONS (FREQUENTLY
TESTED) WITH VERIFIED
ANSWERS GRADED A+
[Document subtitle]
[DATE]
[COMPANY NAME]
[Company address]
, Contact for further consultation
1. M1-Individual taxation formula(1040) Answer: Gross Income
<Adjustments>
Adjusted Gross Income
<Standard Deduction OR Itemized Deductions>
<Exemptions>
Taxable Income B4 QBI Deduction
<QBI Deduction>up to 20 percent for only Pass thru entities
TAXABLE INCOME
Federal Inc Tax(regular or alternative minimum tax)
<Tax Credits>
Other Taxes(soc sec/self employment)
<Payments>
Tax Due OR Refund
2. Gross Income Items
Answer: wages interest inc
dividends
state tax refunds
alimony received(cannot include if divorced after 12/31/18)
business income
capital
gain/loss IRA
income
pension/annuit
y rental
income/loss
k-1
income/loss(partnership/llc)
, Contact for further consultation
unemployment
compensation social
security benefits
other income
, Contact for further consultation
3. Adjustment items Answer:
Educator expenses IRA
Student loan interest
expenses tuition and fee
deduction health savings
account
moving expenses(Only Military
moving) one half self employment
FICA
Self-employed health
insurance self-employed
retirement interest
withdrawal penalty
alimony Paid(cannot deduct if divorced after 12/31/18
4. Itemized deduction items (I.D) Answer: Medical (in
excess of 7.5% of AGI) taxes - state/local (income, sales & property
up to $1000)
interest expense (home and
investment) charity (up to 60% of
AGI)
casualty/theft attributable to federal disaster (in excess of 10% of AGI)
**You can opt for Std Deduction( form 1040EZ) instead of I.D
5. Who must file? Answer: General Rule Answer:
Income is equal to or greater than Answer:
-the regular standard deduction (except for married filing separately), plus
-the additional standard deduction for taxpayers 65+ or blind (except for married filing separately)
Exceptions Answer:
-individuals with net earnings from self employment are $400 or more
-individuals who can be claimed as dependents with Answer: unearned income of more than $1050,
