other details: -none of the costs were reimbursed by employer -incurred by a VP of Advanced strategy group
Are EMBA tuition fees and expenses deductible as work related education expenses on Schedule A?
Answers
The answer is, it depends. Such expenses are deductible if the
(1) Maintains or improves skills required by the individual in his employment or other trade or business, or
(2) Meets the express requirements of the individual's employer, or the requirements of applicable law or regulations, imposed as a condition to the retention by the individual of an established employment relationship, status, or rate of compensation.
Here is a link to 26 CFR 1.162-5 - Expenses for education:
https://www.law.cornell.edu/cfr/text/26/1.162-5
Here is the IRS doc:
https://www.irs.gov/publications/p970/ch12.html
Yes, it would be on Schedule A. In general, the education has to allow you to move up within your current profession - it can't be just to keep your current job. In my case, it was a requirement for me to move from Controller to
Filed Under:
Accounting