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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29964
Experience:  Taxes, Immigration, Labor Relations
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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

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.


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