12-09-2023, 10:16 PM
Just finished the Federal Income TECEP and wanted to leave some details while they are still fresh. I had TECEP E for this exam. The first three questions were on MACRS and very detailed. So make sure you spend plenty of time reviewing this section.
It was broken into three sections. The first was 27 multiple choice questions which consisted mostly of Capital gains and losses, Basis, and expenses. The second section was 23 multiple choice questions mostly related to AGI, interest income, and deductions. DO NOT underestimate the multiple choice sections. Several questions required computations and might as well have been part of the third section. The third section was the computation problems. About half were figuring total expenses, total deductions, or total AGI. The rest were related to partnership income and tax credits.
Overall I would rate this TECEP as difficult and I’m familiar with most of the concepts covered. I actually already took this course and passed but it did not come in as UL. I did receive the RA credits as an elective though. I used up the entire time allowed. Make sure you have the section of the book or tax guide marked for each concept in the test description. The index will be your best friend during the exam. I had both the textbook and tax guide to reference during the exam. But mostly used the textbook. Found a used one online for about $40 and was worth it.
Once it was over I felt like I had been run over by a truck. Admittedly I did not devote a ton of time to studying. Maybe two weeks total. And I definitely felt unprepared. I am hopeful but not very optimistic I passed.
It was broken into three sections. The first was 27 multiple choice questions which consisted mostly of Capital gains and losses, Basis, and expenses. The second section was 23 multiple choice questions mostly related to AGI, interest income, and deductions. DO NOT underestimate the multiple choice sections. Several questions required computations and might as well have been part of the third section. The third section was the computation problems. About half were figuring total expenses, total deductions, or total AGI. The rest were related to partnership income and tax credits.
Overall I would rate this TECEP as difficult and I’m familiar with most of the concepts covered. I actually already took this course and passed but it did not come in as UL. I did receive the RA credits as an elective though. I used up the entire time allowed. Make sure you have the section of the book or tax guide marked for each concept in the test description. The index will be your best friend during the exam. I had both the textbook and tax guide to reference during the exam. But mostly used the textbook. Found a used one online for about $40 and was worth it.
Once it was over I felt like I had been run over by a truck. Admittedly I did not devote a ton of time to studying. Maybe two weeks total. And I definitely felt unprepared. I am hopeful but not very optimistic I passed.
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