MBA Tax Deduction 2012

Respected sir I am the MBA student please give m the detail of Tax Deduction of MBA Tuition Please provide me the page where I can get information about this.

[Pathak]

As you want to get information about Tax Deduction of MBA Tuition so this information is available on one of our respective site I am sharing with you link of that pages where you can get information regarding this.

Tax Deduction of MBA Tuition - 2012 -2013 StudyChaCha

Hello sir I want to know is MBA tax deductible so here can you please tell me when deduction can be taken ?

[Quick Sam]

Deductible Requirements:

Deducting MBA expenses can provide you with significant tax savings.

Education must be related to a trade or business which you are “carrying on.”

Education must not be a minimum educational requirement for qualification in your trade or business, nor can it qualify you for a new trade or business.

Education must maintain or improve skills required in your profession.


Deductible Educational Expenses

Qualified education expenses paid in the tax year are deductible to the extent they exceed 2% of your adjusted gross income and you are itemizing your deductions.

Deductible education expenses include:

Computers & Peripherals

Miscellaneous Supplies

Tuition & Fees

Case Materials and Books



Deduction can be taken in the following ways :-

You can only deduct MBA tuition expenses in the year paid.

If you are a first year MBA, it may make sense to prepay a portion of your second semester tuition in the year you start business school to off-set your higher income.

However, be aware of the dreaded Alternative Minimum Tax.

If your employer reimburses you for MBA tuition expenses that qualify for a deduction, the reimbursement is a tax free working condition fringe benefit.