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Tax Exam Prep is a daily podcast designed to help future tax professionals pass their tax certification and licensing exams with clarity and confidence. Built and operated by OpenExamPrep, this podcast breaks down major tax exams into focused, easy-to-digest episodes covering the CPA & Enrolled Agent (EA) Exam, including Part 1 (Individuals), Part 2 (Businesses), and Part 3 (Representation, Practices, and Procedures). Each episode targets one key tax concept, common exam trap, or high-frequency test topic—making it ideal for studying during commutes, workouts, or short study sessions. Created by Ran Chen, EA, CFP®, a financial professional and exam specialist who has personally passed multiple professional licensing exams, Tax Exam Prep was developed from firsthand experience with how complex—and often poorly explained—tax exam material can be. The goal is simple: make tax exam preparation clearer, more accessible, and more effective through structured explanations and modern learning tools. Whether you’re preparing for the EA Exam, transitioning into a tax career, or reviewing before test day, this podcast is designed to guide you step by step—one concept at a time. Free practice tools, AI-powered explanations, and additional exam prep resources are available at: https://open-exam-prep.com/

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Enrolled Agent Exam [Part 1] 27, Traditional IRA Contributions and Deductions

2026/02/11

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 IRA contribution limits ($7,000) and the age 50+ catch-up provision ($1,000). • How "active participant" status on a W-2 is the first critical step in determining deductibility. • The Modified AGI phase-out ranges that limit deductions for active participants. • The critical contribution deadline which is the tax return's original due date, not the extended due date. • How spousal IRA rules allow non-working spouses to contribute and the unique deductibility rules that apply. 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

Enrolled Agent Exam [Part 1] 26, Health Savings Accounts (HSA)

2026/02/10

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: • HSA contributions for 2025 are capped at $4,300 for self-only and $8,550 for family coverage, with a $1,000 catch-up for those age 55 and over. • Eligibility requires coverage under a High-Deductible Health Plan (HDHP) and you cannot be enrolled in Medicare or be claimed as a dependent. • HSAs offer a triple tax advantage: tax-deductible contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses. • Using HSA funds for non-qualified expenses before age 65 results in the distribution being taxed as ordinary income plus a 20% penalty. • The 20% penalty on non-qualified distributions is waived if the account holder is age 65 or older, becomes disabled, or dies. 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

Enrolled Agent Exam [Part 1] 25, Self-Employment Tax Calculation

2026/02/09

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: • Always multiply net self-employment earnings by 92.35% before applying any tax rates. • The 15.3% SE tax combines a 12.4% Social Security tax up to the wage base limit ($176,100 for 2025) and a 2.9% Medicare tax with no income limit. • The deduction for one-half of the SE tax is an adjustment to income on Schedule 1, not a reduction of the SE tax itself. • W-2 wages count first toward the Social Security limit, reducing the amount of SE income subject to the 12.4% SS tax component. • The 0.9% Additional Medicare Tax is a separate tax for high earners and is not part of the standard 15.3% SE tax 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

Enrolled Agent Exam [Part 1] 24, Adjustments to Income - Overview

2026/02/08

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: • Adjustments to income, or "above-the-line" deductions, reduce your Adjusted Gross Income (AGI), the most critical number for determining tax benefits. • A lower AGI can increase eligibility for numerous tax credits and deductions that have income limitations. • The exam frequently tests specific deduction limits, such as the $300 for educator expenses and the $2,500 for student loan interest. • A common exam trap for the self-employed is knowing to deduct only one-half of the self-employment taxes paid, not the full amount. • You can claim adjustments to income even if you also take the standard deduction, unlike itemized deductions. 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

Enrolled Agent Exam [Part 1] 23, Foreign Income and Foreign Accounts

2026/02/07

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: • U.S. persons are subject to tax on their worldwide income, no matter where they reside. • Form 2555, the Foreign Earned Income Exclusion, applies only to earned income like salaries, not to investment income like dividends or interest. • You cannot claim the Foreign Tax Credit (Form 1116) for taxes paid on income you've already excluded with Form 2555. • An FBAR (FinCEN Form 114) filing is required if the combined value of all foreign financial accounts exceeds $10,000 at any time during the year. • The FBAR is a reporting form filed separately with FinCEN, not the IRS, and has significant penalties for non-compliance. 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

Enrolled Agent Exam [Part 1] 22, Virtual Currency and Cryptocurrency Taxation

2026/02/06

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 IRS classifies virtual currency as property, meaning its use to buy goods or services is a taxable disposition. • Gains and losses from cryptocurrency transactions are reported on Form 8949 and Schedule D. • Income from mining is taxable as ordinary income at its fair market value on the date mined and may be subject to self-employment tax. • The basis in mined cryptocurrency is the amount included in income upon its creation. • The digital asset question on Form 1040 must be checked "yes" for most activities beyond simply buying and holding with U.S. dollars. 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

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

2026/02/05

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

Enrolled Agent Exam [Part 1] 20, Alimony and Separate Maintenance

2026/02/04

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

Enrolled Agent Exam [Part 1] 19, Unemployment Compensation and Other Income

2026/02/03

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

Enrolled Agent Exam [Part 1] 18, Social Security Benefits Taxation

2026/02/02

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

Enrolled Agent Exam [Part 1] 17, Roth IRA Rules and Qualified Distributions

2026/02/01

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

Enrolled Agent Exam [Part 1] 16, IRA Distributions and Taxation

2026/01/31

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

Enrolled Agent Exam [Part 1] 15, Retirement Income - Pensions and Annuities

2026/01/30

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

Enrolled Agent Exam [Part 1] 14, Passive Activity Loss Rules

2026/01/29

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

Enrolled Agent Exam [Part 1] 13, Depreciation of Rental Property

2026/01/28

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 distinguish between the 27.5-year residential and 39-year commercial depreciation periods. • Why you must always exclude the value of land from the depreciable basis of a property. • The correct way to calculate first-year depreciation using the mandatory mid-month convention. • How to identify the correct "placed-in-service" date, a common exam distraction. • The strict limitation preventing the use of Section 179 expensing on rental buildings. 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