Or are they qualified for lofetime learning credit? Thanks
I fit it under lifelong learning credit. My accountant said it was fine, I thought it was still a stretch.
Ditchdigger2CFA: Thats what i thought too. I just want to see if someone out there is a CPA and knows this. Thanks. Chrismaths: I will use the search function to find out.
I disagreed with my the accountant on this though. He was a bit more aggressive with minimizing the pay in. I prepare my own taxes and utilize an acquaintance in the business for the gray areas I’m not comfortable with. Although he said it was no big deal, I don’t think I was suppose to do that. No letter came from the IRS, but I was expecting one. Also, coming from one who did taxes at one point part time, once you get audited by the IRS, you get on ‘the list’ and tend to get audited more often going forward. We found this true at the franchise office I worked at. It is my understanding that this can be deducted on the schedule A as part of business education/training. The CFA Designation is not required for a job in finance (unlike the CPA) and the material learned is to improve you skills in your current position (ie finance) and not enter into a new profession. Knowing nothing else you could probably do what i did and just put the exam fees under the Lifelong Learning credit, but I’m not going to do it this year since I really don’t think I was suppose to.