David writes: I’m currently employed in the business/finance field, and applying to PhD programs in economics/finance/business. The programs are certainly conceptually and topically related to my work, but the graduate programs are not a prerequisite for advancement.

Application and score/transcript submission fees can easily run over $100 per school, adding up to thousands of dollars. Am I able to write these expenses off of my income as educational expenses? If so, can I write them off of the year when I applied (and incurred the expense) even though it is not the year I would matriculate and actually begin the education.

Thanks,
David

My reply:David,

It doesn’t sound to me like the expenses would qualify as an education DEDUCTION (Schedule A) because it’s not to maintain or improve your CURRENT job/career. HOWEVER, you may be eligible for the Lifetime Learning Credit. Here’s some basic information on that credit:

http://www.irs.gov/faqs/faq-kw104.html

Best wishes,
Gina