can we deduct the exam and registration fees as CLE related on our tax returns even if we dont itemize?
any CPAs out there?作者: NakedPuts 时间: 2013-4-12 22:48
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.作者: Chuckrox8 时间: 2013-4-12 22:48
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.作者: OmarAdnan 时间: 2013-4-12 22:48
I know you’re asking regarding the US, but for Canada a lot of people told me I couldn’t claim the CFAI and Schweser stuff for education. I even searched about it on here and some people said the same thing. F it, I claimed it and it worked. If I get audited by the CRA, I’ll be like “I didn’t know.”作者: Daniel1985 时间: 2013-4-12 22:48
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.作者: CFA4Techie 时间: 2013-4-12 22:48
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作者: Iginla2010 时间: 2013-4-12 22:49
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.
