Tax Return Question

[Blitz2006]

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Hey, I'm a PGY2 resident

I signed up/paid for a conference in November 2015, but the actual conference next month, March 2016.

Am I allowed to claim it on my upcoming tax return since I paid for it in 2015? Or can I not because the actual conference is in 2016?

Thanks,

 

[SigmaFS]

Most individuals file on a cash basis, so the deduction is taken in the year paid. But....

To claim unreimbursed W-2 employee expenses:

1. You must itemize your deductions (keep in mind the standard deduction is $6300), and,
2. Only that amount that exceeds the 2% AGI threshold is deductible.
   1. Meaning if your AGI = $53k, then the 1st $1,060 of your conference expenses are excluded.

You're probably better off with the standard deduction.

 

[bc65]

Meaning if your AGI = $53k, then the 1st $106 of your conference expenses are excluded.

I think there's a typo there. You meant, the first $1,060.

And I agree. It's unlikely that OP would have deductions exceeding the standard $6300, especially when the first $1060 of miscellaneous deductions won't count.

 

[RangerBob]

If the OP happens to be moonlighting, then he/she could deduct the full cost, correct?

 

[SigmaFS]

If the OP happens to be moonlighting, then he/she could deduct the full cost, correct?

Good point. If s/he's moonlighting as a 1099 independent contractor, OP can consider it as an expense against 1099 gross income.