How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lev Your Own Question
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29497
Experience:  Taxes, Immigration, Labor Relations
870116
Type Your Tax Question Here...
Lev is online now
A new question is answered every 9 seconds

If a taxpayer whose MAGI is too gh to claim an education

Customer Question

quot;For Lev"If a taxpayer whose MAGI is too high to claim an education credit returns to school for a career change, can the cost incurred be claimed as professional development or must it be amortized? If amortized, what is the life of amortization?Thanks!
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.

There is no capitalization for educational expenses...

If that education qualifies for work related education - deduction is allowed for the year when expenses are paid.
For specific qualifications - see IRS publication 970 page 67

https://www.irs.gov/pub/irs-pdf/p970.pdf

Expert:  Lev replied 1 year ago.

I just noticed the phrase - for a career change - that you mentioned.

Please be aware that it isn't qualifying work-related education if it:
-- Is needed to meet the minimum educational requirements of your present trade or business, or
-- Is part of a program of study that will qualify you for a new trade or business.
You can deduct the costs if the education maintains or improves skills needed in your present work.

Please verify.

.

I appreciate if you take a moment to rate the answer.
Experts are ONLY credited when answers are rated positively.
If you still have any doubts, need clarification - please be sure to ask.
I am here to help you with all tax related issues.