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Does an RN studying for a Nurse Practitioner degree qualify as the "same trade or business" thus making educations expenses deductible as qualified business expenses?

Forum|Forum|7 years ago
June 6, 2019
1 reply
4 views

Does an RN studying for a Nurse Practitioner degree qualify as the "same trade or business" thus making educations expenses deductible as qualified business expenses? Due to exceeding the income limitations, I don't qualify for any of the Education credits (AOTC or LLC). I understand I would be able to claim the education expense as a business related expense if the following conditions are met #1) - The education maintains or improves skills needed in your present work. and #2) - the education must not be a program of study that qualifies for a new trade or business (per publication 529). Would being an RN moving to a Nurse Practitioner position be looked at as a "new trade or business"?

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Best answer by

RN to NP would be considered the same trade. RN to software engineer would not.

You can claim these courses as an Employee Business Expense on form 2106, however, you won't benefit from this deductions unless:

1) You itemize your deductions (as opposed to the standard deduction) and

2) Your total work-related expenses are greater that 2% of your AGI (AGI is roughly your income)

To get there in TurboTax, go to Deductions & Credits > Job Expenses for W-2 Income

A

Anonymous

Answer

RN to NP would be considered the same trade. RN to software engineer would not.

You can claim these courses as an Employee Business Expense on form 2106, however, you won't benefit from this deductions unless:

1) You itemize your deductions (as opposed to the standard deduction) and

2) Your total work-related expenses are greater that 2% of your AGI (AGI is roughly your income)

To get there in TurboTax, go to Deductions & Credits > Job Expenses for W-2 Income

Level 2

Does this still apply with new tax law?