Education Expense Deduction

Education Expense Deduction means:
an amount that a person is allowed to deduct for education expenses; such expenses are deductible as miscellaneous itemized deductions only if they are incurred:

1. to maintain or improve skills required in the individual's current occupation, or.

2. to meet legal or employer requirements to retain a particular job status.

Education expenses are not deductible if they are incurred:

1. to meet minimum qualification requirements for the individual's current occupation, or.

2. to qualify the individual for a new trade or business.

Deductible education expenses are subject to the 2% floor of Adjusted Gross Income. Former Tax Regulation (check if this Reg. is current here) §1.162-5.