Can you write off purchasing life coach program?

Forum|Forum|4 years ago
February 25, 2022
2 replies
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TurboTax Online

Bsch4477

Level 15

No that is a personal expense.

DianeW777

Level 15

Yes, if it meets the qualifying education requirements for the Lifetime Learning Credit (LLC) or if it is for use in your business or rental activity.

What expenses qualify for the LLC?

The maximum LLC you can claim in a year is 20% of the first $10,000 of qualified education expenses you paid for all eligible students (or up to $2,000).

Taxpayers who meet the following requirements are eligible to claim the Lifetime Learning Tax Credit: The taxpayer's annual modified adjusted income in 2021 is $69,000 or less ($138,000 if married filing jointly). The credit phases out for taxpayers with income between $59,000 and $69,000 ($118,000 and $138,000).

To enter this information in your tax return use the following steps:

Search (upper right) education > Jump to ... Link > begin to follow the screen prompts

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Bsch4477

Level 15

Among other restrictions for Lifetime Learning Credit:

To be eligible to claim the lifetime learning credit, the law requires a taxpayer (or a dependent) to have received Form 1098-T, Tuition State- ment, from an eligible educational institution, whether do- mestic or foreign.