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carixma
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Posted on 04-09-08 2:17
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Tax question.
Can individual " somehow" deduct his expenses for the "extra" 22 credit needed to qualify for the 150 credit requirement for the CPA exam in tax?
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deshbhaktanepali
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Posted on 04-09-08 2:24
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You can deduct upto a certain limit of education credit under lifetime education credit for education which is needed to improve your skills and maitain your job. But the amount is calculated based on your taxable income so doesn't amount much. It can be only a small portion of your total school bill. I hope this help.
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carixma
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Posted on 04-09-08 2:30
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i want to know tht if 22 extra credit expenses which is needed to qualify for the 150 credits for cpa can be deducted as "misc itemized deduction".
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deshbhaktanepali
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Posted on 04-09-08 2:38
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No, as far as I know because 150 credits is required for you to meet the minimum crietria. So, you can only deduct as an education expense not itemized deduction.
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carixma
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Posted on 04-09-08 2:42
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Thank you so much deshbaktanepali. I needed this answer for my bonus points for my tax class. You save my life..
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deshbhaktanepali
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Posted on 04-09-08 2:50
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carixma...you still taking tax class?? better transfer to STEM dude. That may better save your life in future. :)
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syanjali
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Posted on 04-09-08 3:48
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It does not matter how many credits you take, it comes under education.
If you pass CPA, will be better than STEM.
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eyes_nepal
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Posted on 04-09-08 4:11
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That's right Once you pass CPA or even you pass some part of CPA you can sell yourself easily.
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deshbhaktanepali
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Posted on 04-09-08 4:30
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hehehehehehhehehehehehhehehehehehehheheheheheheheh
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carixma
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Posted on 04-09-08 10:45
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So i can deduction as college credit for 22 extra credit but not misc itemized deduction right?
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