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CFAI Exam Registration - Tax Deductible in US?

can we deduct the exam and registration fees as CLE related on our tax returns even if we dont itemize?

any CPAs out there?

This is a pretty grey area discussion. I've seen it discussed a few times in the general area and never seen a concrete consensus answer.

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No, I did my own taxes this year and read the 1040 book in detail. The wording in the IRC is something on the line of an accredited degree granting university/education institue when filling out the for deduction portion of the 1040 form. CFA intstitute grants the right to use the CFA charter not a degree....so it would be really grey trying to use the CFA program for a deduction. What really scared me away was thinking of violating the Code of Ethics by representing the CFA program as a degree. Way too gray for me to touch. Probaly, only like a $50 rebate all said and done after you would apply their reduction equation.

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Yea I'm going to have two exam registrations in 2009 so I'm def claiming some of it. I actually overpaid on my taxes this year and the IRS notified me after they gave me my first refund, and sent me the difference...

so If i owe money bc I couldnt claim it, they'll let me know and I'll pay. If not, even better.

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I would have to think you can claim the costs because you can claim cost for unreimbursed job related expenses...and considering this is something that is a job related expense then you should be able to claim it...you're allowed to claim the cost of printing resumes, I do not see how you wouldn't be able to claim the costs of taking the exam, the study materials, the calculator, even the cost to park at the test



Edited 1 time(s). Last edit at Friday, July 24, 2009 at 09:58AM by graffij1.

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I wrote it off as unreim expenses, there is a section for licenses and certifications. This counts hardcore in that camp. If they disagree they can throw it out and I will pay taxes on the whopping $1k extra income.

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