Episodios

  • Enrolled Agent Exam [Part 1] 21, Schedule 1 - Additional Income

    Enrolled Agent Exam [Part 1] 21, Schedule 1 - Additional Income
    Feb 5 2026
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: • How Schedule 1 functions as a critical on-ramp for reporting additional income to the main Form 1040. • The "tax benefit rule" for state and local tax refunds, a frequently tested and tricky concept on the exam. • The correct reporting pathway for business income (Schedule C) and capital gains (Schedule D) through Schedule 1. • Why unemployment compensation is fully taxable and a common point of confusion for exam candidates. • The mnemonic "Itemized, It's In; Standard, Stay out" to instantly determine the taxability of a state tax refund. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
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    3 m
  • Enrolled Agent Exam [Part 1] 20, Alimony and Separate Maintenance

    Enrolled Agent Exam [Part 1] 20, Alimony and Separate Maintenance
    Feb 4 2026
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: • Alimony is non-deductible and non-taxable for divorce agreements finalized after December 31, 2018. • For pre-2019 agreements, alimony remains deductible for the payer and taxable income for the recipient. • Modifying a pre-2019 agreement does not change its tax treatment unless the modification explicitly adopts the new TCJA rules. • Child support is never deductible or taxable, regardless of the divorce date, and the exam often tries to confuse it with alimony. • A key test of whether a payment is true alimony, under old rules, is if the payment obligation terminates upon the recipient's death. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
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    3 m
  • Enrolled Agent Exam [Part 1] 19, Unemployment Compensation and Other Income

    Enrolled Agent Exam [Part 1] 19, Unemployment Compensation and Other Income
    Feb 3 2026
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: • Unemployment compensation is always 100% taxable on a federal return, with no exceptions or income thresholds. • Gambling winnings are fully taxable income, and losses are only deductible up to the amount of winnings as an itemized deduction on Schedule A. • Prizes and awards, whether received as cash or property, must be included in gross income at their full fair market value. • Hobby income is fully reportable, but related expenses are not deductible, meaning a hobby cannot generate a taxable loss. • Jury duty pay is taxable, but if an employer requires an employee to turn it over, that amount can be deducted as an adjustment to income. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
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    4 m
  • Enrolled Agent Exam [Part 1] 18, Social Security Benefits Taxation

    Enrolled Agent Exam [Part 1] 18, Social Security Benefits Taxation
    Feb 2 2026
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: • The provisional income formula is Modified AGI plus one-half of Social Security benefits. • The first-tier base amounts you must memorize are $25,000 for single filers and $32,000 for joint filers. • A zero-dollar base amount applies to Married Filing Separately taxpayers who lived together, a common exam trap. • Taxability is determined by a two-tier system, making 0%, up to 50%, or up to 85% of benefits taxable. • The taxable amount is always the result of a "lesser of" comparison, a crucial step in the calculation. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
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    4 m
  • Enrolled Agent Exam [Part 1] 17, Roth IRA Rules and Qualified Distributions

    Enrolled Agent Exam [Part 1] 17, Roth IRA Rules and Qualified Distributions
    Feb 1 2026
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: • The 2025 Roth IRA contribution limits and the critical Modified Adjusted Gross Income (MAGI) phase-out ranges that determine eligibility. • The two-part test for a qualified distribution, combining a qualifying event (like age 59½) with the five-year holding period. • How the five-year holding period clock for initial contributions starts on January 1st of the first contribution's tax year. • The ordering rules for non-qualified distributions, remembered by the phrase "Can Everyone Get Paid?" which stands for Contributions, Conversions, and Earnings. • The distinction between the five-year clock for contributions and the separate five-year clock for each conversion, a common exam trap. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
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    4 m
  • Enrolled Agent Exam [Part 1] 16, IRA Distributions and Taxation

    Enrolled Agent Exam [Part 1] 16, IRA Distributions and Taxation
    Jan 31 2026
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: • The baseline age 59½ rule for penalty-free traditional IRA distributions and the standard 10% early withdrawal penalty. • Key penalty exceptions, including the $10,000 lifetime limit for first-time homebuyers and unlimited withdrawals for qualified education expenses. • The timing rules for Required Minimum Distributions (RMDs), which must begin by April 1st of the year after the taxpayer turns 73. • How a Qualified Charitable Distribution (QCD) allows taxpayers over age 70½ to make tax-free donations that also satisfy their RMD. • The function of Substantially Equal Periodic Payments (SEPPs) as a method to receive penalty-free income before age 59½. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
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    4 m
  • Enrolled Agent Exam [Part 1] 15, Retirement Income - Pensions and Annuities

    Enrolled Agent Exam [Part 1] 15, Retirement Income - Pensions and Annuities
    Jan 30 2026
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: • How to differentiate between fully and partially taxable pension distributions based on contributions. • The step-by-step calculation for the taxable portion of an annuity using the Simplified Method. • How to interpret key distribution codes on Form 1099-R, such as Code 1 for early distributions. • The most common, testable exceptions to the 10% early withdrawal penalty, including disability and medical expenses. • Why a checked Box 2b on Form 1099-R is a critical signal that you must calculate the taxable amount. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
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    4 m
  • Enrolled Agent Exam [Part 1] 14, Passive Activity Loss Rules

    Enrolled Agent Exam [Part 1] 14, Passive Activity Loss Rules
    Jan 29 2026
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: • How passive activity losses (PALs) are generally only deductible against passive income, not active or portfolio income. • The mechanics of the special $25,000 loss allowance for individuals who actively participate in rental real estate. • The critical Modified Adjusted Gross Income (MAGI) phase-out range of $100,000 to $150,000 for the rental loss allowance. • The rules for carrying forward suspended passive losses and how they are fully released upon a taxable disposition of the activity. • How to meet the material participation standard, focusing on the 500-hour test, to reclassify an activity as non-passive. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
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    4 m