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Level 1
June 6, 2019
Question

Is CFP continuing ed deductible

  • June 6, 2019
  • 2 replies
  • 1 view
My husband has had his CFP (Certified Financial Planning) license for several years.  He occasionally has to take on line continuing education courses and tests to maintain his license.  Is this tax deductible?  Where would this be entered?

2 replies

Level 15
June 6, 2019

Yes, expenses for continuing education are deductible because your husband is currently a Certified Financial Planner.

If your husband is self-employed the costs can be taken as a business expense under Other Common Business Expenses.

If you husband is salaried, the costs can be taken as an expense related to W-2 income.  Please keep in mind, however, that your expenses will only be deductible IF:

  • You itemize your deductions (Schedule A); AND
  • All of your unreimbursed employee business expenses and other miscellaneous itemized deductions added together are more than 2% of your AGI.  [Only the amount over 2% AGI is deductible.] 

To include unreimbursed employee expenses in your return, please follow these steps:

  1. Click on Federal Taxes [Personal in TurboTax Self-Employed] > Deductions & Credits.
  2. Scroll down to the Employment Expenses section and click on the Start/Revisit box next to Job Expenses for W-2 Income.  [See Screenshot #1, below.]
  3. On the Employment Expenses Related to a W-2 screen mark the Yes button and click Continue. [Screenshot #2]
  4. Continue through the screens entering the requested information. 

 




Level 2
March 26, 2021

Are expenses related to OBTAINING the CFP deductible?  In other words, there are seven courses required to sit for the CFP exam.  Is the tuition for the classes deductible?  Thanks!

Level 15
March 26, 2021

No --- expenses for training for a new field are not deductible.

 

@jeepsett

Level 2
March 1, 2022

Hi, I'm currently in FP role with PFP certificate, and I registered for CFP course online with FP Canada. I paid about $2000 last year in September 2021. Do I use the full amount and enter under box 26 "Eligible tuition fees paid to Canadian educational institutions". Thank you.

Level 13
March 23, 2022

It is unclear if FP Canada gave you a T2202. If you have a T2202 you enter the specific amounts as directed in the Student Profile of the return. If you don't have a T2202 you need to determine if your fees are eligible as per the Canada Revenue Agency seen here: Eligible tuition fees.

 

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