exam expenses as a tax deduction

[Allacalander]

My company pays for one exam study manual/seminar. And as I took the exam last year, I've already used that up. I was contemplating ordering a different study manual this time, but that means I'll have to pay it out of my own pocket.

Does anyone know if this would be tax deductible? Since its job-related and education related, I think it would count. But then, my job doesn't require I get a study manual, much less a second manual, so I wasn't sure. Anyone gone through this before?

I wouldn't even ask if they weren't in the hundreds of dollars and that's a lot of money to plunk down on only an opportunity to increase your chances of passing.

[Hachover]

Ask an accountant. I ran into this once but decided not to claim the deduction because I knew the company would reimburse me if I passed.

[john.c]

As far as I know, text books for college courses are not tax deductible, so I'd have to assume study manuals are not either.

The actual exam fee may be, but i'm not sure about that either

[actexp]

My company pays for one exam study manual/seminar. And as I took the exam last year, I've already used that up. I was contemplating ordering a different study manual this time, but that means I'll have to pay it out of my own pocket.

Does anyone know if this would be tax deductible? Since its job-related and education related, I think it would count. But then, my job doesn't require I get a study manual, much less a second manual, so I wasn't sure. Anyone gone through this before?

I wouldn't even ask if they weren't in the hundreds of dollars and that's a lot of money to plunk down on only an opportunity to increase your chances of passing.

deducitble if you itemize, and believe it is only excess over 2% of your income. unreimbursed expenses are deductible, and this certainly qualifies. btw, just my opinion, don't be penny wise and pound foolish. It's worth it to your future if you have to spend a few of your own $ to help you pass exams.

[bdschobel]

That's correct -- on all points (including the 2% threshold).

Bruce

[Allacalander]

Thanks everyone.

[KidCA]

Get turbo tax and all your questions will be answered!

Deduct unreimbursed work (related) expenses and don't be shy. If you buy a shiny kenneth cole briefcase exclusively used for work, deduct it. If you're forced to buy a suit for that ONE client meeting, deduct it. If you buy a laptop so you can telecommute on certain days, deduct it. If you want your CFA, and pay for study materials out of your pocket, deduct it.

Your little income doesn't mean much to the IRS. If you're on the fence about a deduction, deduct it.

[ReddEye]

Get turbo tax and all your questions will be answered!

Deduct unreimbursed work (related) expenses and don't be shy. If you buy a shiny kenneth cole briefcase exclusively used for work, deduct it. If you're forced to buy a suit for that ONE client meeting, deduct it. If you buy a laptop so you can telecommute on certain days, deduct it. If you want your CFA, and pay for study materials out of your pocket, deduct it.

Your little income doesn't mean much to the IRS. If you're on the fence about a deduction, deduct it.

:iatp: however I expect there will be a lot of backlash from the "to the letter" rule following zombie/boy scouts on this board.

[Will Durant]

If you're forced to buy a suit for that ONE client meeting, deduct it.[...] If you're on the fence about a deduction, deduct it.
There's no fence on this one. Clothes are explicitly NOT deductible. Only uniforms or protective gear is deductible.

Non-Deductible Expenses:
* Clothing that is adaptable to everyday wear (this includes suits, evening wear, etc.)

[bdschobel]

There's no fence on this one. Clothes are explicitly NOT deductible. Only uniforms or protective gear is deductible.Talk to Stevie Nicks about this one. She lost in Tax Court.

Bruce

[Will Durant]

I expect there will be a lot of backlash from the "to the letter" rule following zombie/boy scouts on this board.
I am ok with creative interpretations with items that are not specifically addressed, but when something is EXPLICITLY disallowed that's a bit much. It's non-zombie non-boyscouts that make life (and taxes) tougher on the rest of us.

[KidCA]

Oops, my bad on the suit thing. Not sure how long that has been explicit.

Then again part of me thinks that if you have to buy a suit for a one time meeting and you'd never wear it for a non-businsess reason that you are within the spirit of the law.

Eveyone does it is not a valid reason to not ascribe to a law, but the letter of the law holds loose weight with me in my choices.