Question about educational expenses and taxes


F

Frugal Sam

I have just been accepted into an MBA program that starts in
a couple of months. The fees I will be paying cover text
books and other materials. I would still need to buy my own
laptop and pay airfare towards an international consulting
assignment that is part of the program.

Although my employer does not have a tuition reimbursement
program, they have agreed to give me a recent raise I earned
in the form of monthly expense checks to be used towards my
education. The raise (and hence, the amount of money I would
receive in the form of expense checks) covers less than a
fifth of the total expenses I will be incurring (tuition +
laptop + airfare).

1. Is this an OK arrangement ? That is, for me to accept an
expense check (in addition to my regular salary) to be
applied towards educational expenses.

2. Can I get some tax deduction for tax years 2005 and 2006
for the remaining amount I will be spending out of my pocket
towards my education?

Thanks.

Remove the 'not' before the 'hotmail' to respond.
 

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