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Deduct Specialty Board Exam Fee from 1099 Income

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  • Deduct Specialty Board Exam Fee from 1099 Income

    My job paid my signing bonus on a 1099. I was planning on deducting lawyer fees for contract review on Schedule C. Can I also deduct the cost of my specialty written board exam fees as well?

  • #2
    Welcome to the forum!

    If I were your CPA, I would prorate the expenses between the new job's W2 income for the year and the signing bonus. But I'm not and won't be signing your return, that's just my advice.
    Financial planning, investment management and CPA services for medical professionals | 270-247-6087

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    • #3
      Originally posted by jfoxcpacfp View Post
      Welcome to the forum!

      If I were your CPA, I would prorate the expenses between the new job's W2 income for the year and the signing bonus. But I'm not and won't be signing your return, that's just my advice.
      Thanks for the tip. I was going to use standard deduction for the W2 since I don't have enough to itemize to make it worthwhile.

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      • #4
        The prorated portion will reduce the 1099 income.

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        • #5
          Originally posted by terryvrtt View Post

          Thanks for the tip. I was going to use standard deduction for the W2 since I don't have enough to itemize to make it worthwhile.
          Actually, you can't deduct any expenses related to W2 employment since 2018 but I was just breaking down how to determine the calculation for the deduction from 1099 income.
          Financial planning, investment management and CPA services for medical professionals | 270-247-6087

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          • #6
            Originally posted by jfoxcpacfp View Post

            Actually, you can't deduct any expenses related to W2 employment since 2018 but I was just breaking down how to determine the calculation for the deduction from 1099 income.
            Gotcha. Thanks again for the advice

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