03-27-2017, 09:54 AM
I took this TECEP two weeks ago, and I still haven't received my score back yet, so no idea if I passed. However, I took these notes right after while it was fresh in my mind.
First off: All of the feedback posted in the Specific Exam thread is SPOT ON. Seriously.
I wouldnât just waltz into this with a tax guide and hope for the best. I spent about 3 months doing off and on reading any IRS publication and form that I thought might end up on the exam. Looking back, I spent too much time worrying about how difficult it would be that I wasted time when I could have just gotten it over with sooner. However, some of the things I noticed in other publications and forms was on the test and not in the tax guide.
I brought in my Tax Guide (Pub. 17) and the J.K. Lasserâs Your Income Tax 2017, as well as a financial calculator (but a 4-function one would do just fine). I had also collected a boatload of other publications and forms from the IRS that I thought might be handy to have, like Form 1040 and Instructions, Schedules A-D, Pub. 541 and 542, etc. I figured that I wouldnât be allowed to keep them, but thought what the heck. My proctor (via ProctorU) didnât even look at them. Having Schedule A was SUPER helpful, because at least 2 of the problems involved itemized deductions. I also used the 1040 a lot. The test is mostly about individuals, but as the test description says, 15% is on partnerships and corporations. On my test, I had a 10-point computational one on figuring a partnerâs interest basis. I was completely lost! The problem was from the partnership point-of-view, not the individualâs. I couldnât even find an explanation in Pub. 541 (Partnerships) that gave enough detail to figure it out. I honestly donât know how they could expect someone with just a tax guide (for individuals, mind you) to solve this one! But I digress⦠I think the hardest part of this test is just knowing where to look in the tax guide for the answer to the question. I had gone through the tabbed the heck out of my books (particularly focusing on the items mentioned in the specific exam thread. TIP: tab where to find the child tax credit, as well as realized and recognized gains), and that really saved me time in the end. I actually finished with 30 minutes to spare!
Long story short, learn all the terms on the specific exam thread inside and out, tab your tax guide, and git âer done!
Hope this helps y'all! Good luck!
First off: All of the feedback posted in the Specific Exam thread is SPOT ON. Seriously.
I wouldnât just waltz into this with a tax guide and hope for the best. I spent about 3 months doing off and on reading any IRS publication and form that I thought might end up on the exam. Looking back, I spent too much time worrying about how difficult it would be that I wasted time when I could have just gotten it over with sooner. However, some of the things I noticed in other publications and forms was on the test and not in the tax guide.
I brought in my Tax Guide (Pub. 17) and the J.K. Lasserâs Your Income Tax 2017, as well as a financial calculator (but a 4-function one would do just fine). I had also collected a boatload of other publications and forms from the IRS that I thought might be handy to have, like Form 1040 and Instructions, Schedules A-D, Pub. 541 and 542, etc. I figured that I wouldnât be allowed to keep them, but thought what the heck. My proctor (via ProctorU) didnât even look at them. Having Schedule A was SUPER helpful, because at least 2 of the problems involved itemized deductions. I also used the 1040 a lot. The test is mostly about individuals, but as the test description says, 15% is on partnerships and corporations. On my test, I had a 10-point computational one on figuring a partnerâs interest basis. I was completely lost! The problem was from the partnership point-of-view, not the individualâs. I couldnât even find an explanation in Pub. 541 (Partnerships) that gave enough detail to figure it out. I honestly donât know how they could expect someone with just a tax guide (for individuals, mind you) to solve this one! But I digress⦠I think the hardest part of this test is just knowing where to look in the tax guide for the answer to the question. I had gone through the tabbed the heck out of my books (particularly focusing on the items mentioned in the specific exam thread. TIP: tab where to find the child tax credit, as well as realized and recognized gains), and that really saved me time in the end. I actually finished with 30 minutes to spare!
Long story short, learn all the terms on the specific exam thread inside and out, tab your tax guide, and git âer done!
Hope this helps y'all! Good luck!
BSBA GM - TESU, 2017
120 credits applied using CLEP, DSST, Saylor, and TECEP exams - see my bio for exact exams!
120 credits applied using CLEP, DSST, Saylor, and TECEP exams - see my bio for exact exams!
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