Education

Yes. As a doctor or nurse you may deduct the cost of refresher courses. The IRS feels these courses are required to maintain or improve your job skills.

Generally yes. As an attorney you can deduct the costs of a master's degree program (LLM), if you are a practicing attorney at the time of the master's course.

No. The IRS does not allow a deduction for law school because they consider the costs of law school to qualify the student for a new profession.

Withdrawals from a regular IRA that are used for higher educational expenses at a post secondary school are not subject to the 10% penalty on early withdrawals that is reported on IRS Form 5329. Qualified expenses include tuition, books, fees, supplies and room and board if student is at least a half-time student.

An Educational IRA is a custodial account or a trust set up for the purpose of paying the qualified higher educational expenses of the designated beneficiary of the account.
The designated beneficiary must be a child under age 18. In general higher educational expenses include tuition, fees, books, supplies and room and board for at least half-time attendance.
You may contribute up to $2,000 each year.
The contributions are not tax deductible.
For the current year, an individual may contribute to a child’s educational IRA if those individuals Modified Adjusted Gross Income is not more than $ 110,000 ($220,000 for a married filing joint return).
There is a phase out if the MAGI is between $95,000 and $110,000 for non-joint filers and between $190,000 and $220,000 for joint filers. Amounts in the account accumulate tax-free until distribution.
Distribution of the contribution is always tax-free and the earnings on the contribution are tax free if less than or equal to the years educational expenses.
If more than the educational expense then a pro rata calculation is required. The assets in the account must be withdrawn by the age of 30. No contribution amount may be made in any year who also contributes to a qualified state tuition program on behalf of the same beneficiary.

(US News = ww.usnews.com/usnews/edu) (Princeton Reviews list = www.review.com/college) (Rankings Issues = www.library.uiuc.edu/edx/rankings.htm)

www.fastweb.com/fastsearch/college is FastSearch website. dir.yahoo.com/education/higher_educationcolleges_and_universities is Yahoo's website.

www.collegeboard.org/sat/html/satform.html is SAT on line forms access) (www.act.org/aap/regist/index.html is ACT on line forms access) (www.collegeboard.com is the College Boards site with advice and explanations and SAT review questions.) (www.college.com includes free SAT and ACT practice tests) (www.number2.com includes free SAT practice tests)

The money you earn from Federal Work Study is generally subject to Federal and State income tax but exempt from Social Security taxes. This is provided you are enrolled full time, and work less than half-time.