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Lev
Lev, Tax Advisor
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Experience:  Taxes, Immigration, Labor Relations
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hi, i have been interviewing for a fellowship after my residency.

Resolved Question:

hi, i have been interviewing for a fellowship after my residency. it is a paid position. can i deduct the expenses incurred during the interview process?
Submitted: 4 years ago.
Category: Tax
Expert:  Lev replied 4 years ago.

Generally - you may be able to deduct costs related to your job search on your tax return. Here are the top six things the IRS wants you to know about deducting costs related to your job search.

  1. In order to deduct job search costs, the expenses must be spent on a job search in your current occupation. You may not deduct expenses incurred while looking for a job in a new occupation.
  2. You can deduct employment and outplacement agency fees you pay while looking for a job in your present occupation. If your employer pays you back in a later year for employment agency fees, you must include the amount you receive in your gross income up to the amount of your tax benefit in the earlier year.
  3. You can deduct amounts you spend for preparing and mailing copies of a résumé to prospective employers as long as you are looking for a new job in your present occupation.
  4. If you travel to an area to look for a new job in your present occupation, you may be able to deduct travel expenses to and from the area. You can only deduct the travel expenses if the trip is primarily to look for a new job. The amount of time you spend on personal activity compared to the amount of time you spend looking for work is important in determining whether the trip is primarily personal or is primarily to look for a new job.
  5. You cannot deduct job search expenses if there was a substantial break between the end of your last job and the time you begin looking for a new one.
  6. You cannot deduct job search expenses if you are looking for a job for the first time.

Let me know if you need any help with reporting.

 

Customer: replied 4 years ago.
I am currently a resident in ophthalmology and the fellowship is partially training and partially a job- hard to tell which, and it is hard to know if my residency is a job or considered training. do you know the answer?
Expert:  Lev replied 4 years ago.

As long as you are paid for services you perform - that is a job - and you should be paid at least a minimum wage.

If you receive a training while on the job - that will not change anything.

The question is - if that is a new occupation for you - in this case costs related to your job search are not deductible,

but as long as you already employed in the same occupation - costs related to your job search are deductible job related expenses.

 

Lev, Tax Advisor
Category: Tax
Satisfied Customers: 22692
Experience: Taxes, Immigration, Labor Relations
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