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New Member

If i withdrew money from my 401K to pay for TCS Post Grad program for my son, can I deduct that cost? It was 10,500.00.

My child is enrolled in TCS Post Grad Baseball Program. I had to pay 10,500.00 of my money for the program. Can I deduct the cost of this? He also attended a community college while there and received their information. 

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Level 7

If i withdrew money from my 401K to pay for TCS Post Grad program for my son, can I deduct that cost? It was 10,500.00.

No, unfortunately, expenses for a baseball training academy is considered a personal, nondeductible expense.


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New Member

If i withdrew money from my 401K to pay for TCS Post Grad program for my son, can I deduct that cost? It was 10,500.00.

TCS POST GRAD uses false advertising to bait on high school Sr baseball players into paying upto $20,000+ to get recruited and play college baseball. The fact is they only promote a select few of players they recruit and give scholarships using the other paying non recruited players money to fund the program and profit. It’s a 9 MTH program but they get all the money up front so once you realize it’s a money grab it’s too late, they have your money and WILL NOT REFUND ANY OF IT. They recruit actual college players too. It’s NOT just Highschool Srs. They only play a certain select few of players in the games in front of the Jr Colleges, D2 and 3 so no way the kids can that don’t play in the games can be recruited. They also bring in more players than they advertise. No way they can DEVELOP, PROMOTE, and get 50 Players Recruited. They don’t have enough coaches either. 

They say they “Play TO Win” yet they play the same players regardless of their performance. One player with the most at bats was hitting less than 100. Another leads the team in errors. They lose 60+% Of their games. It’s a MONEYGRAB for more than 1/2 the players money they take.

Most of the players they claim get recruited DO NOT MAKE THE COLLEGE TEAM or get playing time and DO NOT GET SCHOLARSHIP MONEY. They still have to pay to go to the school so don’t count on getting a scholarship to offset the upto $20,000+ you pay TCS Post Grad.

 

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Level 15

If i withdrew money from my 401K to pay for TCS Post Grad program for my son, can I deduct that cost? It was 10,500.00.

If i withdrew money from my 401K to pay for TCS Post Grad program for my son, can I deduct that cost?

Bottom line answer is no. What you paid for is not a "qualified education expense" so none of it is deductible as such. Additionally, the 401K withdrawal will result in you receiving a 1098-R reporting that withdrawal to you, and to the IRS. You will pay taxes on that withdrawal and it will also increase your AGI - potentially putting you in a higher tax bracket.

On top of that, if it was an early withdrawal, then in addition to taxes you will also pay a 10% early withdrawal penalty.